Euro -Yen Retraces After the Upward Move Beyond the Level at 122.50

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EURJPY Price Analysis – June 28


The pair has also fallen after rising above the level at 122.50, although there is room on the upside towards the level at 123-124 any near term dip could be limited by the level at 121. It could see some dips in the next few sessions as US-China fundamentals outcome is due tomorrow.
Key Levels
Resistance Level: 127.95, 126.30, 124.03
Support Level: 122.29, 121.60, 121.02



EURJPY Long term Trend: Bearish
On the daily chart analysis; it is showing a consolidation from the level at 121.02 and there is no major change in the trend. Further surge to the upside zone may be seen but it could be limited below the level at 123.01 resistance.
The long term trend may see the downside and below the minor support on the level at 121.66 turning the bias to a stronger momentum towards the baseline.



EURJPY Short term Trend: Bearish
The upside break of the level at 123.01 resistance is needed to maintain the move and bring medium-term reversal to the pair.
Otherwise, the trend will remain bearish in case of a strong rebound. The decisive break there will resume the decline from 127.95 and target the next low.

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