EUR/JPY: technical analysis 22.11.2019

Current trend

EUR/JPY quotes attempted to grow, but reaching 120.259 resistance moved to a decline. Now the price is testing the level of 120.190, which coincided with the middle line of Bollinger Bands.
The downward trend will be restored after the price is set below the level of 120.043. In this case, the next targets of sellers will be the level of 119.922. The area of 119.922-119.831 seems a strong support area, which can activate an upward rebound. Meanwhile, the decisive breakdown of 119.831 is needed to indicate the downtrend resumption.

Alternative scenario

If the "bulls" manage to raise the rate above the level of 120.358, the growth can continue to the area of 120.508. The area of 120.508-120.567 will be a key zone for the buyers in the short term period. There is a chance of a downward rebound, while its breakout would accelerate the pair towards 120.703
The technical picture is mixed.
Bollinger Bands are pointed sideways.
MACD volumes are in the positive zone and are moving along the zero line.
Stochastic is pointed downwards.

Support and resistance

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

Trading recommendations

Short positions can be opened below the level of 120.043 with the target at around 119.727 and stop-loss at 120.163.
Long positions can be opened above the level of 120.358 with the target at around 120.567-120.703and stop-loss at 120.243.

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