The EURJPY parity, which constitutes an important trend outlook along with the revaluation of the Yen against the Euro, follows a profile that seeks to continue its negative trend outlook, as its recent recovery in its short-term outlook is moving towards the top of the downtrend 123.31, but is unable to create movements on the region. It is a strong possibility that the EURJPY parity will support the downward trend in a period in which the uptrend in the Dollar Index exerts pressure on the Euro.
Main Scenario: If the EURJPY parity trend continues to remain below the 123.31 barrier, it may want to resume its negative course as of April 17, 2019. With this thought, the trend rally can be observed towards 122, 42 and 122,06 support points, especially 122,72. 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 observed especially for 123,67 and 123,96 and 124,25 barriers. In the event of such a change, the peaks of resistance at peak level 126,80, seen on April 17,2019 may be accelerated.
Support: 122,72 – 122,42 – 122,06
Resistance: 123,00 – 123,31 – 123,67