Will the EURJPY stabilize above 121.86?
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 the 8th of December 2016, between the range of 121.86 and 120.95.
The bulls are once again placing pressures close to the 121.86 zone which is today’s major pivot point area.
In the condition where the bulls are able to lead the price above the 121.86 zone and exert greater pressures, the pair could appreciate to 123.83.
Similarly the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 80 level.
In contrast, in the scenario where the pair drops to the 120.65 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 118.71 zone.
- There are no any releases either on the euro or the yen
· Probable trend (Bullish): 121.86
· Bullish take profit target: 123.83
· Stop loss target: 120.65
· Alternative trend (Bearish): 120.65
· Bearish take profit target: 118.71