Will the EURJPY break above 120.15?
The price is in a constant acceleration mode as the buyers have been able to patiently and steadily lead the pair to higher zones.
The pair has stabilized, since today’s trading session, above the 119.52 level.
The bulls are once again placing pressures close to the 120.15 zone 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 121.13.
Similarly the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 45 level.
In contrast, in the scenario where the pair drops to the 119.52 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 118.54 zone.
- The CPI – Core (YoY) (Nov) and the CPI (YoY) (Nov) will likely have a strong influence on the euro
- The Foreign Bond Investment (Nov 25) and the Foreign Investment in Japan stocks releases are expected to have a medium influence on the yen
· Probable trend (Bullish): 120.15
· Bullish take profit target: 121.13
· Stop loss target: 119.52
· Alternative trend (Bearish): 119.52
· Bearish take profit target: 118.54