EURJPY (1H) - short term bullish bias
The euro has recouped most of its losses from early November but will it find enough strength to rally up to the psychological level of 121.00? The bearish divergence is a warning sign that the price has met strong resistance and the upward momentum might have lost steam. As the price is pulling back to the moving averages, the price may find some buying interests. The area between the trend line and 120.50 will be a critical level to keep the upbeat sentiment intact.
Key support: 120.50
Key resistance: 121.00
The euro has recouped most of its losses from early November but will it find enough strength to rally up to the psychological level of 121.00? The bearish divergence is a warning sign that the price has met strong resistance and the upward momentum might have lost steam. As the price is pulling back to the moving averages, the price may find some buying interests. The area between the trend line and 120.50 will be a critical level to keep the upbeat sentiment intact.
Key support: 120.50
Key resistance: 121.00