Bullish Reversal at $125 Support Level, Further Increase Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News
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EURJPY Price Analysis – March 11
In case the confluence at the resistance level of $129 is broken upside, price may increase and face the resistance levels at $130. On the other hand, further increase in the Bearish momentum may push the price back to the $126 level, then $125 and $124 levels may be reached.
EURJPY Market
Key Levels:
Supply levels: $128, $129, $130
Demand levels: $126, $125, $124
EURJPY Long-term trend: Bullish
EURJPY is bullish on the long-term outlook. Last two weeks, the price was bearish with much pressure from the bears. The support level of $125 was reached. A bullish reversal candle pattern formed called morning star. Followed the scenario is the formation of more bullish candles and the price increases towards the resistance level of $129 after broken up the $127 and $128 resistance levels. There is a confluence at $128 level and the price is pulling back at moment.
The price is increasing towards the $128 level. The currency pair is trading between the 9 periods EMA and 21 periods EMA which indicate a strong bullish trend. The relative strength index period 14 is at 46 levels with the signal lines showing bullish direction. In case the confluence at the resistance level of $129 is broken upside, price may increase and face the resistance levels at $130. On the other hand, further increase in the Bearish momentum may push the price back to the $126 level, then $125 and $124 levels may be reached.
EURJPY Short-term Trend: Bullish
EURJPY is bullish on the 4-hour chart. The bears pushed the price to reach the support level of $125 last two weeks. The just mentioned level holds and the price bounces up. A bullish engulfing candle formed at $125 level indicate that bulls are ready to dominate the market. EURJPY soars to $128 resistance level after penetrating the resistance level of $126. The price is currently consolidating around $128 at the moment.
The price has crossed the 9 periods EMA and 21 periods EMA upside. The relative strength index period 14 is at 55 levels and the signal lines pointing down to indicate a sell signal which may be a pullback.
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