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EURJPY Price Analysis – January 10
After rising to levels of 121.75 / 80, the upward momentum in the FX pair has exhausted itself and is now trying to push the shallow amid the selling of the euro and increased demand for the safe-haven yen.
Key Levels
Resistance Levels: 124.31, 123.37, 122.65
Support Levels: 121.47, 119.99, 115.83
EURJPY Long term Trend: Ranging
More generally, EURJPY stays in a downtrend and set at 124.31 (high). The progress from the level of 115.83 is presently considered as a corrective breakthrough.
Solid resistance can be seen at the declining downtrend (now at around 124.31 level) to restrain growth. However, a steady breakout of resistance can lead to a larger bullish effect and approach the level at the key resistance of 127.52 level in the following.
EURJPY Short term Trend: Ranging
The intraday bias in the EURJPY pair initially stays neutral. Since the cluster support level of 119.99 (partial rollback from 115.83 to 122.65 at 120.05 level) is quite untouched, the short-term trend remains bullish for a continuous rally.
On the other hand, a break of the level of 122.65 may continue to advance from the level of 115.83 to long-term resistance in the trend. On the other hand, a steady breakthrough in the level of 119.99 can lead to a sharper decline in the recovery at 118.45 level.
Instrument: EURJPY
Order: Sell
Entry price: 121.80
Stop: 122.65
Target: 120.67
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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