Will the EURJPY stabilize above 114.98?
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 27th of October 2016, from as low as 113.68 to as high as 114.98.
Stabilization and minor bullish attempts are surfacing again slightly close to the 114.98 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 114.98 zone and exert greater pressures, the pair could appreciate to 115.79.
Similarly the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 35 level.
Alternative Scenario
In contrast, in the scenario where the pair drops to the 114.48 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 113.68 zone.
Today’s Major Announcements
- There are no any releases on the euro
- The BOJ Outlook Report release is expected to have a medium influence on the yen
Synopsis
· Probable trend (Bullish): 114.98
· Bullish take profit target: 115.79
· Stop loss target: 114.48
· Alternative trend (Bearish): 114.48
· Bearish take profit target: 113.68
