In Case $128 Level Holds, Bulls Will Take Over – Cryptovibes.com – Daily Cryptocurrency and FX News
https://ift.tt/3G9aPYJ
EURJPY Price Analysis – January 28
Further increase in the Bears momentum may push the price to retest the demand level of $128, below it are $127, $126 support levels. Should the Bulls defend the $128 level, the price will rally to the north side, $129, $130, and $131 levels may be tested.
EURJPY Market
Key Levels:
Supply levels: $129, $130, $131
Demand levels: $128, $127, $126
EURJPY Long-term trend: Bearish
EURJPY is bearish on the long-term outlook. Double bottom chart pattern was noticed on the daily chart four weeks ago. The price increased towards the supply level of $131 after passed through the barrier at the dynamic support and resistance level. On January 13, the Bulls lost the momentum and were unable to break up the level. The Bears gained momentum and pushed the pair down towards the previous low. It is currently testing $128 support level.
The currency pair has returned to trade below the 21 periods EMA and 9 periods EMA which is a bearish movement sign. The relative strength index period 14 is at 40 levels with the signal lines showing bearish direction in the EURJPY market. Further increase in the Bears momentum may push the price to retest the demand level of $128, below it are $127, $126 support levels. Should the Bulls defend the $128 level, the price will rally to the north side, $129, $130, and $131 levels may be tested.
EURJPY Short-term Trend: Bearish
EURJPY is bearish on the 4-hour chart. The currency pair was bearish last week. The price dropped from the supply level of $131, broke the barrier at the $130 and $129 levels. After the breakdown of the two EMAs levels, the price reached $128 where it is consolidating at the moment.
The price is trading below the 21 periods EMA and 9 periods EMA after crossed over the two EMAs downside. The relative strength index period 14 is at 50 levels and the signal lines pointing up to indicate a buy signal.
Cryptocurrency
