Will the EURJPY stabilize above 122.47?
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 escalated, since the 8th of December 2016, from as low as 121.06 to as high as 122.47.
Stabilization and minor bullish attempts are surfacing again slightly above the 122.47 level which is today’s major pivot point area.
Probable Scenario
In the condition where the bulls are able to lead the price above the 122.47 zone and exert greater pressures, the pair could appreciate to 123.32.
Similarly the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 55 level.
Alternative Scenario
In contrast, in the scenario where the pair drops to the 121.93 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 121.06 zone.
Today’s Major Announcements
- The French Inflation ex-tobacco (MoM) (Nov) and the Consumer Price Index (EU Norm) (YoY) (Nov) releases will have a medium influence on the euro
- The Japanese Foreign Bond Investment (Dec 9) and the Foreign Investment in Japan Stocks (Dec 9) releases will likely have a medium impact on the yen
Synopsis
· Probable trend (Bullish): 122.47
· Bullish take profit target: 123.32
· Stop loss target: 121.93
· Alternative trend (Bearish): 121.93
· Bearish take profit target: 121.06
