EURJPY Price Is Under Strong Bullish Pressure, Targeting $132 Resistance Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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EURJPY Price Analysis – December 31
Further increase in the bulls’ momentum may push price to penetrate the resistance level of $131, which may increase the price to $132 and $133 levels. In case the resistance level of $131 holds, price may decrease towards the support level of $130, $129 and $128.
EURJPY Market
Key Levels:
Resistance levels: $131, $132, $133
Support levels: $130, $129, $128
EURJPY Long-term Trend: Bullish
EURJPY is bullish on the long-term outlook. The formation of a double bottom chart pattern at the support level of $127 has made the currency pair to experience a bullish trend. The bulls’ momentum is increasing and the price is soaring accordingly. The resistance levels of $129 and $130 has been penetrated upside by the bulls’ pressure. At the moment, the price is heading towards the resistance level of $131.
The bulls’ pressure is increasing as EURJPY is trading above the fast moving average (9 day EMA) and the slow moving average (21 day EMA). Further increase in the bulls’ momentum may push price to penetrate the resistance level of $131, which may increase the price to $132 and $133 levels. In case the resistance level of $131 holds, price may decrease towards the support level of $130, $129 and $128. The relative strength index period 14 is at 70 levels pointing up which indicate a strong bullish signal.
EURJPY medium-term Trend: Bullish
EURJPY is bullish on the 4-hour chart. Last week, the price closed below the $129 resistance level. This week, the price has turned the former resistance levels of $129 and $130 to support levels with the aid of bulls’ pressure. The resistance level of $132 may be tested next week provided $131 level does not hold.
EURJPY is currently trading above the 9 periods EMA and 21 periods EMA as an indication of bullish movement. The relative strength index period 14 is above 60 levels with the signal line pointing up to indicate buy signal.
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