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EUR/JPY: technical analysis 19.11.2019

Current trend

EUR/JPY quotes attempted to decline, but reaching 119.992 support moved to upward correction. If the "bulls" manage to raise the rate above the level of 120.330, the correction can continue to the area of 120.508.

Alternative scenario

The rebound from 119.330 could lead the price back to 119.992. The area of 119.992-119.922 seems a strong support zone, which can activate an upward rebound. Meanwhile, the breakdown of this level can accelerate the negative dynamic and let the price fall to the area of 119.727-119.531.

The technical picture is mixed.
Bollinger Bands are pointed upwards.
MACD histogram has moved to a decline in the positive zone, forming a weak sell signal.
Stochastic is pointed sideways.

Support and resistance

Support levels: 120.117, 119.922, 119.727, 119.531.
Resistance levels: 120.313, 120.508, 120.703.

Trading recommendations

Short positions can be opened below the level of 120.117 with the target at around 119.922 and stop-loss at 120.247.
Long positions can be opened above the level of 120.330 with the target at around 120.508-120.703 and stop-loss at 120.200.

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