Will the EURJPY stabilize above 118.23?
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 16th of November 2016, from as low as 116.25 to as high as 117.44.
Stabilization and minor bullish attempts are surfacing again slightly close to the 118.23 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 118.23 zone and exert greater pressures, the pair could appreciate to 119.45.
Similarly the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 75 level.
Alternative Scenario
In contrast, in the scenario where the pair drops to the 117.44 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 116.25 zone.
Today’s Major Announcements
- The ECB President Draghi’s Speech will likely have a strong impact on the euro
- There are no any releases on the yen
Synopsis
· Probable trend (Bullish): 118.23
· Bullish take profit target: 119.45
· Stop loss target: 117.44
· Alternative trend (Bearish): 117.44
· Bearish take profit target: 116.25
