The Bias for EURJPY Has Turned Its Potential Likely Towards the Downside Zone

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EURJPY Price Analysis – July 19

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Given that the money swapping scale has turned around from the lower limit of a slipping trendline design, almost certainly, the pair could go for the upper band of the channel design at 122.29 before the finish of the present exchanging session.

Key Levels
Resistance Levels: 127.52, 123.01, 121.66
Support Levels: 120.95, 118.85, 118.62

 

EURJPY Long term Trend: Bearish
On the daily time frame, the downtrend from the level at 127.52 is still in progress with the moving average cross staying inside long term falling channel. Break of the support zone on the level at 120.95 will extend the fall to 118.85 (low).
On the upside, break of the resistance zone on the level at 127.52, the barrier is needed to be the first sign of medium-term reversal. Otherwise, outlook will remain bearish in case of a strong rebound.

 

EURJPY Short term Trend: Ranging

The flipside of the 4-hour time frame sees the EURJPY losing downside momentum after hitting the support zone on the level at 120.95 and intraday bias is turned neutral first. on the downside, decisive break of the same support zone on the level at 120.95 will resume fall from 127.52 to 118.62 low.
In case of another rise as consolidation from the support zone on the level at 120.95 extends, the upside should be limited by 123.01 resistance to bring fall resumption eventually.

 

 

Source: Learn2.trade

 

Note: Learn2.Trade is not a financial advisor. Do your own 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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