Will the EURJPY stabilize above 120.15?
The price is in a constant deceleration mode as the sellers have been able to patiently and steadily lead the pair to lower zones.
The pair has escalated, since the latest trading session, from as low as 118.80 to as high as 120.15.
Stabilization and minor bullish attempts are surfacing again slightly close to the 120.15 level which is today’s major pivot point area.
In the condition where the bulls are able to lead the price above the 120.15 zone and exert greater pressures, the pair could appreciate to 121.15.
Similarly the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 35 level.
In contrast, in the scenario where the pair drops to the 119.54 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 118.53 zone.
- Spain’s Markit Services PMI (Nov) release could have a strong impact on the euro
- There are no any releases on the yen
· Probable trend (Bullish): 120.15
· Bullish take profit target: 121.15
· Stop loss target: 119.54
· Alternative trend (Bearish): 119.54
· Bearish take profit target: 118.53