Formation of “W” Chart Pattern, Price Targeting $132 Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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EURJPY Price Analysis – February 18
In case the resistance level of $131 is penetrated, price may increase and face the resistance levels at $132, $133. On the other hand, further increase in the Bearish momentum may push the price to the demand level of $130, below it are $129 and $128 support levels.
EURJPY Market
Key Levels:
Supply levels: $131, $132, $133
Demand levels: $130, $129, $128
EURJPY Long-term trend: Bullish
EURJPY is bullish on the long-term outlook. The price pulled back from the resistance level of $132 with formation of strong bearish candle. It found support level at $129 level. The bulls are opposing the bears at the support level of $129. Another double bottom chart pattern is on formation and there is tendency for the previous high of $132 to be tested.
Another Double bottom chart pattern noticed on the daily chart, formation is in progress. The price is increasing towards the resistance level of $131. The currency pair is trading above the 9 periods EMA and 21 periods EMA is above the price which indicate an increase in the bullish movement. The relative strength index period 14 is at 53 levels with the signal lines showing bullish direction. In case the resistance level of $131 is penetrated, price may increase and face the resistance levels at $132, $133. On the other hand, further increase in the Bearish momentum may push the price to the demand level of $130, below it are $129 and $128 support levels.
EURJPY Short-term Trend: Bullish
EURJPY is bullish on the 4-hour chart. The price action of the USDCHF in the 4-hour chart is trying form a “W” chart pattern; this is a bullish chart pattern. It is envisaged that the price may increase to previous high at $132 resistance level provided the bulls exert more pressure.
The price is crossing the 9 periods EMA and 21 periods EMA upside. The relative strength index period 14 is above 45 levels and the signal lines pointing up to indicate a buy signal.
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