123.31 Resistance Point for EURJPY Important!
The EURJPY parity, which has seen a significant trend outlook along with the Yen’s appreciation against the Euro, has not changed its negative outlook despite the recent recovery in the short-term. The question of whether the news streams from both the Euro and Asia regions may change this idea during the week is the top point of the downtrend 123.31.
Main Scenario: If the EURJPY parity continues to remain below the 123.31 barrier, the downside of the downtrend may continue as of April 17, 2019. With this in mind, the trend rally can be seen towards the support points of 122,42 and 122,06, especially 123. In particular, movements below the final bottom 122,06 may make the negative outlook stronger. Otherwise, the on-line reactions may occupy the agenda. In this process, the potential reaction levels before 123,31 barrier were recorded as 123,00.
Alternative Scenario: For the end of the negative trend outlook on the EURJPY parity, the 123,31 barrier must be crossed. In the case of trend change, a positive view can be seen towards 123,97 and 123,96 and 124,25 barriers. In the event of such a change, the peak level to the peak of 126,80 resistance on April 17 may accelerate.
Support: 122,72 – 122,42 – 122,06
Resistance: 123,00 – 123,31 – 123,67