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Staying Within Previous Boundary EURJPY Continues to Trade Within a Range

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EURJPY Price Analysis – August 23
In today’s trading session, the common European currency traded sideways against the Japanese Yen. The currency pair was trading below the moving average 5 and 13 since yesterday’s trading session. We may see bearish traders pressurize the currency pair towards the level at 117.50 before the end of today’s trading session.

© Image copyright r_sh

Key Levels

Resistance Levels: 123.01, 119.88, 118.33

Support Levels: 117.65, 117.50, 117.00

 

EURJPY Long term Trend: Bearish
In the daily picture, the EURJPY pair may most likely maintain the price range during the next trading session. Alternatively, a breakout may occur downwards.

While the exchange rate has been trading within the range of the level at 118.33 and 117.50 since mid-August. The trend is bearish, showing an intact downtrend in the medium and long-term.

 

EURJPY Short term Trend: Bearish
Today’s trading range has been going negative and more, and that’s below the last trading month’s daily average range. On the flip side, we may see a change in trend with renewed upward strength.

Buying could accelerate should prices move above the close-by swing high towards the level at 118.33 where further buy stops might get activated. Although with the level at 119.88 resistance intact, near term outlook remains bearish.

 

Source: https://learn2.trade

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