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EUR/JPY: technical analysis 14.11.2019

Current trend

On the 4-hour chart, EUR/JPY keeps a negative dynamic. Now the price is testing the support level of 119.516. Assuming the pair’s ability to cross this level, the marks of 119.336-119.141 can be targeted if holding sell positions. The area of 119.141 is a strong support zone, which can activate an upward reverse. Meanwhile, a decisive breakdown of 119.141 could trigger a new wave of pair’s active sales. In this case, the next targets of sellers will be the level of 119.000-118.800.

Alternative scenario

Pullback above 119.802 will let the price correcting up to 119.922-120.117. This area will be a key zone for the buyers in the short term period. There is a chance of a downward rebound, while its breakout will be a signal for upward trend resumption and give a prospect of growing to the level 120.313.

Support and resistance

Support levels: 119.516, 119.336, 119.141.
Resistance levels: 119.727, 119.922, 120.117.

Trading recommendations

Short positions can be opened below the level of 119.516 with the target at around 119.336-119.141 and stop-loss at 119.641.
Long positions can be opened above the level of 119.802 with the target at around 119.922-120.117 and stop-loss at 119.697.

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