We are observing that the reliable currencies Yen and Frank are going to gaining value compared to ABD Dollars and Euro because of the negative pricing behaviors that occurs in global market recently. EURJPY parite continues its trend image which it started from the level of 126,80. In addition to that, it made a break after it reached to the level of 122,47. We can say that intra trend reaction are relatively influencive but in the environment that expectations do not change, the negative image related to the new periof will continue.
Main Scenario: If the EURJPY parite continues to remain under the region fo 123,96 – 124,25, it may want to continue its negative image which it has influence on since 17 April 2019. With this point of view, the trend rally towards 123, 122,72, and 122,47 may be observed. Especiallt the permanent movements under the last bottom level of 122,47 may provide a more stronger negative image. Otherwise, intra trend reactions may make the agenda busy. It is known that the possible reaction levels are 123,30 and 123,67 before the region of 123,96 – 124,25.
Alternative Scenario: In order to negative trend image toward EURJPY parite to end, it is required permanent movement which are on the level of 123,96 – 124,25. In case of trend changing, a positive image towards the barriers of 124,62 and 125,20 may be observed. In addition to that, in order to this kind of change to occurs, the peak level dated to 17 April 2019 may accelerate its increases to the resistance point of 126,80.
Pivot: 123,96 – 124,25 region
Support: 123,00 – 122,72 – 122,47
Resistance: 123,31 – 123,67 – 123,96