Retracement Is Foreseen as EURJPY Continues Rallies After Soaring Towards the Key Level at 120.00

EURJPY Price Analysis – October 11

On the upside zone of the pair is the risk-limiting its momentum for a further advance while buyers dominated the common European currency against the Japanese Yen on Friday. Presently, it’s retracing but buyers remain in control and attempting to cross above the level at 120.00.

 

Key Levels

Resistance Levels: 127.52, 123.01, 120.78

Support Levels: 118.80, 117.08, 115.86

EURJPY Long term Trend: Bearish

In the long term trend, for as long as the horizontal zone on the level at 120.78 support turned resistance holds, then the downtrend from the level at 127.52 (high) should still be in progress.

Meanwhile, the break of the level at 115.86 will target the lower low. However, the sustained break of the level at 120.78 will be the first indication of a medium-term reversal. where the further rise would then be seen to the level at 127.52 resistance for confirmation.

EURJPY Short term Trend: Ranging

The EURJPY exchange rate is likely to retrace towards the support level formed by the moving average 5 and 13 in extension on the level at 119.40 and 118.80 area respectively.

As it is with the steady upside momentum, a Further buying might move prices higher should the market test the nearby high at 120.78, While EURJPY is experiencing a short-term upswing, this could simply be a rectification, as both the medium and long term patterns are as yet bearish.

Instrument: EURJPY
Order: Sell
Entry price: 120.00
Stop: 120.78
Target: 118.40

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