Will the EURJPY stabilize above 123.42?
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 above the 123.42 level.
The bulls are once again placing pressures close to the 123.42 zone which is today’s major pivot point area.
In the condition where the bulls are able to lead the price above the 123.42 zone and exert greater pressures, the pair could appreciate to 124.27.
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 122.92 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 122.06 zone.
- The Markit Manufacturing PMI (Nov), the Markit Services PMI (Nov), and the Markit PMI Composite (Nov) releases will likely have a medium impact on the euro
- There are no any releases on the yen
· Probable trend (Bullish): 123.42
· Bullish take profit target: 124.27
· Stop loss target: 122.92
· Alternative trend (Bearish): 122.92
· Bearish take profit target: 122.06