https://ift.tt/3G6i6JF Price Is Targeting $131 Level a Potential Bearish Reversal Zone – Cryptovibes.com – Daily Cryptocurrency and FX News

EURJPY Price Analysis – January 07

In case the bulls increase their momentum, the $131 resistance level may be penetrated, and this may push the price to $132 and $133 price level. Should the resistance level of $131 holds, the price may retrace and descend to the previous support level of $129 and $128 provided the support level of $130 does not hold.

EURJPY Market

Key Levels:

Supply levels: $131, $132, $133

Demand levels: $130, $129, $128

EURJPY Long-term Trend: Bullish

The currency pair is bullish on the daily chart. EURJPY maintains its bullish pattern throughout completed week as it was predicted. After the second touch at the support level of $127, the price bounced and soared towards the resistance level of $131. The resistance level of $129 and $130 could not hold the price as the bull’s momentum is stronger than the barrier at the level.

The 9 periods EMA has crossed the 21 periods EMA upside and the price is trading above the two EMAs which indicate that the bulls’ momentum is increasing in the EURJPY market. In case the bulls increase their momentum, the $131 resistance level may be penetrated, and this may push the price to $132 and $133 price level. Should the resistance level of $131 holds, the price may retrace and descend to the previous support level of $129 and $128 provided the support level of $130 does not hold.

EURJPY medium-term Trend: Bullish

EURJPY is bullish in the medium chart. The price played out as it was suggested last week. The double bottom chart pattern formed by the price action on 4 hour chart is yet to be completed before the market closed yesterday. The price is still targeting the resistance level at $132.

There is a tendency for the price to pullback towards the support level at $130 before bullish trend continues. The price remains above the 9 periods EMA and 21 periods EMA as a bullish signal. The relative strength index period 14 is pointing up above 50 levels which indicate a buy signal.