The Sharp Recovery in EURJPY Lose Momentum, Falters Beneath the Level at 121.00

The Sharp Recovery in EURJPY Lose Momentum, Falters Beneath the Level at 121.00

EURJPY Price Analysis – February  21

The single European currency rose 88 basis points or 0.73% against the Japanese yen in the previous session. After two consecutive sessions showing strong growth, EURJPY is now losing some momentum amid JPY bulls.

Key Levels
Resistance Levels: 122.37, 122.87, 121.00
Support Levels: 119.99, 117.08, 115.83

EURJPY Long term Trend: Ranging

The EURJPY rebound from the level of 118.46 continues to advance from the previous session, but today it has stalled. Super-speed acceleration claims that a decline from 122.87 level could have ended in three waves to 118.46 level.

However, the support level formed by the intersection of the moving average of 5 and 13 at 119.90 level can support the exchange rate during the trading session on Friday, while greater advance can continue from the level of 115.83.

EURJPY Short term Trend: Ranging

From an analysis of the 4-hour time frame, the intraday bias is now on the rise for a resistance level of 121.15 at first. The breakthrough will be aimed at 122.87 high levels.

On the other hand, a breakdown of the secondary support levels of 119.99 could change the bias towards lower testing to retest the low level of 118.46 instead.

Instrument: EURJPY
Order: Sell
Entry price: 121.00
Stop: 121.47
Target: 119.66

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

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Author : Azeez Mustapha

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