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.
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.
Entry price: 120.00
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.