Trending Underneath the 120.60 Handles, EURJPY Is Stuck Within Tight Trading Range

Trending Underneath the 120.60 Handles, EURJPY Is Stuck Within Tight Trading Range

EURJPY Price Analysis – November 22

The European common currency traded between the range on the level at 120.40 / 120.03 handle versus the Japanese yen during yesterday’s trading session. However, an increased momentum may likely impact the FX pair in the next session. In this scenario, the exchange rate may display a level of psychological barrier on the level at 121.00.

Key Levels
Resistance Levels: 125.23, 123.37, 121.47
Support Levels: 119.24, 117.08, 115.83

EURJPY Long term Trend: Bearish

In the larger image, a medium-term base is structured on the level at 115.83, in conditions of the bullish trendline, ahead of the level at 119.24 support. A decisive break of the level at 120.60 support converted to resistance may affirm this scenario and bring more resistance to the fall from the high (now at 125.23).

The reactions from there would determine if the long-term trend has reversed. At this moment, an additional increase is expected as long as the support of the level at 117.08 is maintained.

EURJPY Short term Trend: Bearish

The intraday bias in EURJPY stays neutral at the moment. As long as the support on the level at 119.24 is maintained, the outlook remains cautiously bullish and a further increase is in favor.

On the upper side, on the level at 120.60 will point to a test on the level at 121.47, the break of the resistance further may resume the full increase from the level at 115.83 and will aim at the level at 125.23 structural resistance zone.

Instrument: EURJPY
Order: Sell
Entry price: 119.78
Stop: 121.47
Target: 117.08

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.