I-EURJPY yehla ngakumbi kwiNqanaba le-124.00 eliphela iVeki kwindawo yeBearish

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Uhlalutyo lwamaxabiso e-EURJPY-Novemba 13

The common European currency has declined by 0.54% versus the Japanese Yen from the prior session to sub 124.00 level while exiting the week in a bearish zone. The currency pair breached the moving average of 5 to trade lower. The upside potential against the JPY could be limited due to a combination of factors such as ECB fiscal policy.

Amanqanaba aphambili
Amanqanaba okumelana: 127.07, 125.58, 124.43,
Amanqanaba enkxaso: 123.37, 121.61, 119.31
I-EURJPY yexesha elide iTrend: Ukutshintsha
EURJPY initially traded higher on Friday, but after it reached resistance around 124.30 and pulled back, bears appeared as traders turned their attention to levels below 124.00. To begin exploring the bearish scenario, it is necessary to establish a decisive fall below 123.37. The pair may continue to decline with a potential target for bearish traders around 123.00.

In a broader context, growth from 114.39 is seen as a mid-term phase of growth within a long-term consolidation trend. Further gains are anticipated as long as the 119.31 support level is held. However, a solid breakout of 119.31 would prove that the rally from 114.39 has ended and has brought this low back into focus.
I-EURJPY iTrend yexesha elifutshane: Ukutshintsha
EURJPY intraday bias stays optimistic as consolidation from 125.00 is still ongoing. Continuous advance is anticipated until minor support level 123.00 is breached. The correction from the level of 127.07 could have ended with three cycles down to the level of 121.61.

A breach of the minor resistance zone at 125.00 should lead to a retest of the 127.07 upper level. On the other hand, a breach of the minor support level at 123.00 would extend the correction with another fall to 121.61.

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UAzeez Mustapha

U-Azeez Mustapha yingcali kwezorhwebo, umhlalutyi wemali, umhleli weempawu, kunye nomphathi wezezimali ngaphezulu kweminyaka elishumi yamava kwicandelo lezemali. Njengombhali webhlog kunye nombhali wezemali, unceda abatyali mali baqonde iikhonsepthi ezintsonkothileyo zemali, ukuphucula izakhono zabo zotyalo-mali, kunye nokufunda ukulawula imali yabo.

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