EURJPY Price May Test $133 Previous High After Retracement – Cryptovibes.com – Daily Cryptocurrency and FX News
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Annual Forecast for EURJPY (2022)
Should the resistance level of $131 holds, the price may retrace and descend to the previous support level of $129 and $127 provided the support level of $130 does not hold. In case the bulls increase their momentum, the $131 resistance level may be penetrated, and this may increase the price to $133 and $134 price level.
EURJPY Market
Key Levels:
Supply levels: $131, $133, $134
Demand levels: $130, $129, $127
EURJPY Long-term Trend: Bullish
The currency pair is bullish on the weekly chart. The journey of EURJPY started bullish last year. The high of $133 resistance level was attained in May. The bulls’ momentum failed and the price could not penetrate the mentioned level and it became the high of the year for EURJPY market. Bears took over the market and the price falls to the support level of $127 and that stands as the low of the year.
A double bottom chart pattern formed at $127 level which indicate that the bulls are ready to take over. Price is currently increasing towards $133 resistance level. The 9 periods EMA has crossed the 21 periods EMA upside and the price is trading above the two EMAs which indicate that the bulls’ momentum is increasing in the EURJPY market. Should the resistance level of $131 holds, the price may retrace and descend to the previous support level of $129 and $127 provided the support level of $130 does not hold. In case the bulls increase their momentum, the $131 resistance level may be penetrated, and this may increase the price to $133 and $134 price level.
EURJPY medium-term Trend: Bullish
EURJPY is bullish in the daily chart. The double bottom chart pattern formed by the price action on daily time frame indicate that bulls are dominating the EURJPY market. At the moment, the resistance level of $131 is standing against the bullish movement and the price is pulling back. There is tendency for the price to continue a bullish trend after the retracement.
The price is trading between the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is pointing down at 50 levels which indicate a sell signal which may be a pullback.
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