EURJPY Price Reaches Resistance Level of $134, What Next? – Cryptovibes.com – Daily Cryptocurrency and FX News
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EURJPY Price Analysis – March 25
Should the bulls break up the resistance level of $134, price may increase and face the resistance levels at $135 and $136. On the other hand, further increase in the Bearish momentum may push the price back to the $133 level, then $132 and $131 levels.
EURJPY Market
Key Levels:
Supply levels: $134, $135, $136
Demand levels: $133, $132, $131
EURJPY Long-term trend: Bullish
EURJPY is bullish on the long-term outlook. The currency pair has been under the strong bullish momentum since two weeks ago. The formation of Morning star candle pattern on March 08 triggers the buyers’ pressure. The price increases steadily and the resistance level of $134 is reached before weekly market closed. It is pulling back at the moment. There is possibility for the bulls to continues dominate the market.
The price is increasing towards the $134 level. The currency pair is trading above the 9 periods EMA and 21 periods EMA which indicate a strong bullish trend. The relative strength index period 14 is at 67 levels with the signal lines showing bearish direction which may be a pullback. Should the bulls break up the resistance level of $134, price may increase and face the resistance levels at $135 and $136. On the other hand, further increase in the Bearish momentum may push the price back to the $133 level, then $132 and $131 levels.
EURJPY Short-term Trend: Bullish
EURJPY is bullish on the 4-hour chart. Immediately bears pushed the price to reach the support level of $125, the price bounced and soared towards north side. The bullish momentum breaks up resistance levels such as $131, $132 and $133 resistance levels. The price has reached the high of $134 resistance level.
The price is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 62 levels and the signal lines pointing down to indicate a sell signal which may be a pullback.
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