Safe Harbor Yen supports the EURJPY downturn!
With the addition of Huawei to the trade talks between the United States and China on the agenda, the lack of a market-friendly outlook in the current talks continues to annoy the global markets. We observe that the stock exchanges, which have increased significantly since the beginning of the year, stopped this rally in May and recorded significant withdrawals. The US 10-year bond price, the Yen and Frank, which are the most important safe havens of uncertainty, created a tendency to strengthen in this process. The EURJPY continued with the negative trend outlook.
Main Scenario: If EURJPY parity remains below 122.33-122.67, the trend may want to continue its expectation. With this idea, retracement can be monitored towards 121.35 and 121.000 support points, especially 121.67. Especially movements below the 121.00 level can further strengthen the negative outlook. Otherwise, the on-line reactions may occupy the agenda. In this process, the possible response levels before 122,33-122,67 were recorded as 122,06.
Alternative Scenario: For the end of the negative trend outlook for the EURJPY parity, the 122,33-122,67 region must be crossed. In the event of a trend change, a positive appearance can be seen towards the 123,37 and 123,80 barriers, especially 123.00, and in case of such a change, rising may accelerate towards the resistance level 126.80 on 17 April 2019.
Pivot: 122,33-122,67 bölgesi
Support: 121,67 – 121,35 – 121,00
Resistance: 122,06 – 122,33 – 122,67