Unable to Proceed Upwards EURJPY Loses Momentum near the Level at 120.40

Unable to Proceed Upwards EURJPY Loses Momentum near the Level at 120.40

EURJPY Price Analysis – December 6

The mood of selling around the single currency coupled with renewed demand for the JPY is pulling the EURJPY to daily lows past the level at 120.40. Sellers have now regained control over the sentiment surrounding the single currency, all against the backdrop of a moderate recovery in the US currency.

Key Levels
Resistance Levels: 124.31, 123.37, 121.47
Support Levels: 119.24, 117.08, 115.86

EURJPY Long term Trend: Bearish

In the longer-term structure, the rebound from the level at 115.86 low over the long term is only a corrective upward move. In the case of another rally, strong resistance from the resistance (now on the level at 123.37) may be seen to contain the upside.
A break of the level at 117.08 support may be an early sign of resuming the bearish trend from the level at 124.31 to 115.86. Although the short and medium-term trends are tentatively in a long-term downtrend, both trends have already turned bullish.

EURJPY Short term Trend: Bullish

The EURJPY stays beneath the level at 121.01 while the daily bias stays neutral first. On the upside, above the level at 121.01 may usher in a retest of the level at 121.47 resistance. On the downside, from the level at 120.10, it may approach the level at 119.24 support.

Overall, as long as the level at 119.24 support stays intact, expectations remain bullish. Rise above the level at 115.83 remains in favor of resuming from the level at 121.47 at a later stage.

Instrument: EURJPY
Order: Buy
Entry price: 120.67
Stop: 119.66
Target: 121.47

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.