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

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *