Price Prediction Is Seen for the EURJPY Approaching a Major Barrier Around the Level at 121.66

EURJPY Price Analysis – July 12
EUR, as traded against the JPY, is depreciating to the JPY’s value and the pair EURJPY may breach major barriers in the present session, although no significant difference in the pairs downward outlook for now.
Key Levels
Resistance Levels: 126.30, 124.03, 123.01
Support Levels: 121.66, 121.02, 120.00

EURJPY Long term Trend: Bearish
In the larger picture, the downside price from the level at 121.02 is still consolidating with the cross of the moving average staying below the long term trend line.
On the upside break of the level at 124.03 resistance is required to be the first sign of a medium-term reversal, otherwise, the EURJPY’s trend may continue and remain bearish in case of a strong rebound.

EURJPY Short term Trend: Ranging
As seen on the 4-hour time frame, there exists no major change in the EURJPY trend and the intraday remains neutral but may change as it proceeds sideways.
In case of another rise as the consolidation from the level at 121.66 extends, the upside may be limited by the level at 123.01 resistance zone 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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