EURJPY Price Analysis – October 18
The Euro had gained positively against the Japanese Yen for 7 days in a row after the market confirmed its breakout through the prior sessions following the upward advance to end the week higher. And in the next session, the exchange rate may likely continue to trade in the ascending trend.
Resistance Levels: 124.31, 123.37, 121.50
Support Levels: 120.01, 118.80, 117.08
EURJPY Long term Trend: Bullish
The FX pair is up from the low at the start of the month in large part due to rallies in 7 of the past 8 trading days. And the potential target for the pair today would be at the 121.50 area.
On the contrary, the price of the EURJPY might reverse from the current price level at 121.07 and mildly retrace downwards towards the level at 120.01 area during the next trading session.
EURJPY Short term Trend: Bullish
On the flip side, the intraday bias for the EURJPY stays on the upside in this zone. Meanwhile, the firm break of the level at 118.80 to 120.01 from 117.08 at 121.07 may proceed for the level at 121.50.
However, on the downside, the break of the level at 119.40 minor support may shift the intraday bias neutral and cause solidification around that zone, before activation of another rally.
Entry price: 120.78
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.