Bulls Are Getting Ready to Take Over at $127 Support Level – Cryptovibes.com – Daily Cryptocurrency and FX News https://ift.tt/3m9to7J

EURJPY Price Analysis – December 17

An increase in the bulls’ momentum may push price to penetrate the resistance level of $129, which may extend further to $130 and $131 levels. When the resistance level of $129 holds, price may decrease towards the support level of $128, $127 and $126.

EURJPY Market

Key Levels:

Resistance levels: $129, $130, $131

Support levels: $128, $127, $126

EURJPY Long-term Trend: Bearish

EURJPY is bearish on the long-term outlook. Last week, the price reduced with the aid of the bears’ pressure and tested the support level of $127. The support level of $127 holds and it is not easy for the bears to penetrate the mentioned level. This indicate that bears’ momentum is decreasing in the EURJPY market. At the moment, it looks like the bulls’ momentum is increasing and the price is above $128 level.

EURJPY is trading above the fast moving average (9 day EMA) and the slow moving average (21 day EMA) which is an indication that the bulls’ pressure is increasing. An increase in the bulls’ momentum may push price to penetrate the resistance level of $129, which may extend further to $130 and $131 levels. When the resistance level of $129 holds, price may decrease towards the support level of $128, $127 and $126. The relative strength index period 14 is at 50 levels pointing down which indicate sell signal.

EURJPY medium-term Trend: Bullish

EURJPY is bullish on the 4-hour chart. Sellers lose momentum at $127 level; the bulls defended the support level of $127 and the price is increasing to test the $129 resistance level. The mentioned level holds and the price pulled back to retest $128 level.

EURJPY is currently trading between the 9 periods EMA and 21 periods EMA as an indication of bearish movement. The relative strength index period 14 is at 50 levels with the signal line pointing down to indicate sell signal which may be a pullback.