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EURJPY Price Analysis – February 25

In case the resistance level of $129 is penetrated, price may increase and face the resistance levels at $130 and $131. On the other hand, further increase in the Bearish momentum may push the price to the demand level of $129, below it are $128 and $127 support levels.

EURJPY Market

Key Levels:

Supply levels: $129, $130, $131

Demand levels: $129, $128, $127

EURJPY Long-term trend: Bearish

EURJPY is bearish on the long-term outlook. The currency pair commenced a bearish momentum on February 11 at the resistance level of $132. The strong daily bearish engulfing candle formed at the mentioned level triggered bearish trend. The former support level of $130, $129 have turned to resistance level. The price found a support at $128 level.

Tripple bottom chart pattern noticed on the daily chart, formation is in progress. The price is increasing towards the resistance level of $129. The currency pair is trading below the 9 periods EMA and 21 periods EMA which indicate a decrease in the price. The relative strength index period 14 is at 46 levels with the signal lines showing bullish direction.  In case the resistance level of $129 is penetrated, price may increase and face the resistance levels at $130 and $131. On the other hand, further increase in the Bearish momentum may push the price to the demand level of $129, below it are $128 and $127 support levels.

 EURJPY Short-term Trend: Bullish

EURJPY is bullish on the 4-hour chart. The “W” chart pattern is fully in formation as the price touched the support level of $128 second time. It is envisaged that the price will 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 52 levels and the signal lines pointing up to indicate a buy signal.