Double Bottom Chart Pattern at $127 Level, Bullish Trend Triggers – Cryptovibes.com – Daily Cryptocurrency and FX News https://ift.tt/3Epunr0

EURJPY Price Analysis – December 24

When the resistance level of $130 is interrupted by the bears, price may decrease towards the support level of $129, $128 and $127.An increase in the bulls’ momentum may push price to penetrate the resistance level of $130, which may extend further to $131 and $132 levels.

EURJPY Market

Key Levels:

Resistance levels: $130, $131, $132

Support levels: $129, $128, $127

EURJPY Long-term Trend: Bullish

EURJPY is bullish on the long-term outlook. The price action has formed a double bottom chart pattern at the support level of $127. The bulls’ momentum has triggered and the price is increasing accordingly. The resistance levels of 4128 and 4129 has been penetrated by the nulls’ pressure. The price is heading towards the resistance level of $129.

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. When the resistance level of $130 is interrupted by the bears, price may decrease towards the support level of $129, $128 and $127.An increase in the bulls’ momentum may push price to penetrate the resistance level of $130, which may extend further to $131 and $132 levels. The relative strength index period 14 is above 50 levels pointing up which indicate a strong bullish signal.

EURJPY medium-term Trend: Bullish

EURJPY is bullish on the 4-hour chart. After the Sellers lose their momentum at $127 level, bulls have dominating the EURJPY market. The former resistance levels of $128 and $129 has been penetrated upside and the price is increasing towards the resistance level of $130.

EURJPY is currently trading above the 9 periods EMA and 21 periods EMA as an indication of bullish movement. The relative strength index period 14 is above 60 levels with the signal line pointing up to indicate buy signal.