EURJPY’s Rebound Breaks Past the Crucial 119.00 Level on Friday

EURJPY’s Rebound Breaks Past the Crucial 119.00 Level on Friday

EURJPY Price Analysis – May 29

The common European currency climbed on Friday against the Japanese Yen by approx 80 pips or 0.75 percent. During today’s trading session, the currency pair crossed the horizontal barrier at the 119.00 level. The greenback is steadily losing ground amid changes to the month-end flows, as trade tensions in the US-China persist unfettered.

Key Levels
Resistance Levels: 122.87, 121.15, 119.00
Support Levels: 118.00, 116.22, 114.39

EURJPY Long term Trend: Ranging
The currency pair crossed the upper horizontal level at 119.00 during today’s trading session before moving north for the test of the 119.99 level. All things considered, the EURJPY exchange rate could decline within the following trading session. Bear market investors are eager to force the market toward a level of 118.52.

However, if it recedes during the following trading session, a support cluster created by the moving average 13 and the ascending trendline at 118.00 level could further provide support for the currency exchange rate. Otherwise, sentiment in the event of a rebound may stay bearish.

EURJPY Short term Trend: Bullish
EURJPY ‘s increase from level 114.39 is still ongoing and the decline from level 122.87 should at best be corrected. More increase might be seen initially as shown on the daily, to 121.15 resistance level. On the downwards, nevertheless, a breach of the support level of 117.08 may imply ending the rebound and shifting the bias back to the downside.

As EURJPY remains vulnerable in an upward bias in the near term, a breach underneath the support level of 118.00 may deliver weakness towards the support zone of 117.50/117.08. On the other side, one can see resistance near the price level of 119.99.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.