EURJPY Bullish Recovery Expected to Ease out and Continue in a Symmetrical Line Downwards

EURJPY Price Analysis – November 8

The European common currency had a bullish rebound versus the Japanese yen in the last session while testing the horizontal zone on the level at 121.11. Meanwhile, the pair’s exchange rate may likely continue to fluctuate and lose strength within this session. The potential target next may be at the level at 119.11.

Key Levels

Resistance levels: 127.52, 123.37, 121.47

Support Levels: 119.11, 117.08, 115.86

EURJPY Long term Trend: Bearish

EURJPY exited the prior session on the level at 120.76 after recording a gain of 15 pips and in the present session the FX pair is trending up to 40 pips lower after the open, the market momentum managed to stay on its support during the session whereas it may end the day below its opening price.

Additionally, the decisive break of the level at 120.35 support may affirm this scenario and may allow further plunge past the horizontal support zone. And reactions from here may determine whether the medium term has reversed. Presently, a further rebound is expected so far the level at 117.08 support remains intact.

EURJPY Short term Trend: Ranging

On the 4-hour time frame, the intraday bias in EURJPY stays neutral for consolidation below the level at 121.11. A lower retracement may be recorded, but a downward zone may be restricted by the level at 119.11 near term support.

Although on the upside break of the level at 121.47 may resume the advance from the level at 115.86 to 117.08 past the level at 121.47 to 122.32 resistance next, however, while still in a long-term downtrend, the short and medium-term outlook is ranging.

Instrument: EURJPY
Order: Sell
Entry price: 120.35
Stop: 121.47
Target: 119.11

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

Fall Reversal on the EURJPY After Tumbling Below the Key Technical Support Level at 120.35

EURJPY Price Analysis – November 1

EURJPY currency pair tumbled and breached a significant horizontal zone on the level at 120.35 during yesterday’s trading session. As for the near future, buyers on EURJPY may take the exchange rate back to the upside to retest the price level at 121.10/121.47 within this session or the following trading session.

Key Levels

Resistance Levels: 127.52, 125.23, 123.37

Support Levels: 119.11, 117.08, 115.86

EURJPY Long term Trend: Ranging

In the EURJPY longer-term picture, the present scenario reinforces the idea that a medium-term bottom is formed around the lower horizontal zone at the support on the level at 117.08, on a bullish structure trendline in daily outlook, above the level at 115.86 critical support.

However, a decisive break of the level at 120.78 support turned resistance may reinforce this case and bring further advance to the falling outlook resistance presently on the level at 125.23. The FX pair displays weakness for the time being (as per its long term downtrend) with just the medium-term pattern as yet being bullish.

EURJPY Short term Trend: Ranging

The flipside of the EURJPY is remaining in consolidation from the level at 121.47 and it’s intraday bias at the current moment stays neutral. Meanwhile, in the likely event of a deeper plunge, its downside may be restricted above the level at 119.11 support to bring another rally to the upside zone.

As for the near future, buyers on EURJPY may take exchange rate back to retest the price level at 121.10/121.47 on the upside, a break of the level at 121.47 may re-energize the advance from 117.08 to the level at 123.37 next.

Instrument: EURJPY
Order: Buy
Entry price: 120.78
Stop: 119.11
Target: 123.37

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

Bouncing off Its Resistance, the EURJPY Changed Its Course Again

EURJPY Price Analysis – October 25

As at the moment, the EURJPY is trading at 120.48 below its opening price past the horizontal zone on the level at 120.78. The FX pair had changed course from the upper zone of the horizontal level at 121.47 earlier in the week. The market is not exactly with the required momentum as the clock winds down for the week.

Key Levels

Resistance Levels: 126.78, 123.37, 121.47

Support Levels: 119.11, 118.17, 117.08

EURJPY Long term Trend: Bearish

The EURJPY exited the prior session on the level at 120.63 losing about 35 pips. While trading today with 27 pips lower after the open, the pair was unable to hold on to its gains as the bears took control and may likely end the day below its opening price.

However, more reactions from the downside would decide whether the long term has reversed. As of now, a further advance to the upside is expected as long as the level at 117.08 support is retained.

EURJPY Short term Trend: Ranging

After its inability to break through its near term minor resistance level at 120.78, the EURJPY is likely to close below it after spiking up to 121.39 earlier in the week. For now, the EURJPY is in consolidation from the level at 121.47 and intraday bias stays neutral at the initial instance.

A deeper retracement may not be ruled out. Although the downside should be contained above the horizontal support zone on the level at 119.11 to bring another rally.

Instrument: EURJPY
Order: Sell
Entry price: 120.78
Stop: 121.47
Target: 119.11

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

Following the Upward Advance, EURJPY Ends the Week Higher for 7 Consecutive Days in a Row

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.

Key levels

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.

Instrument: EURJPY
Order: Buy
Entry price: 120.78
Stop: 118.80
Target: 121.50

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

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

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