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EURJPY is Over the 126.50 Resistance Level

December 18, 2020
in DAILY UPDATES, Forex, Home, MARKETS, Technical Analysis
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technical analysis article on eurjpy
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EURJPY | Monthly Chart
EURJPY | Monthly Chart

EURJPY is over the 6-year trend line after the BOJ’s decisions. If the price can hold out over 126.50 and make weekly and monthly closes, 130 for the short-term and 135 for the medium-term can be good targets for bulls.

EURJPY | Daily Chart
EURJPY | Daily Chart

For downward moves, a possible reversal from the previous top should be followed. If the price can’t get past the 127.08-127.55 resistance zone, bearish pressures may increase again. For this scenario, Fibonacci levels of %38.2-%50-%61.8 may become good targets for short positions.

For bearish and bullish traders, the key level will be the major trend line, 126.50.

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