Support Level of $128 Holds, Bulls Are Dominating – Cryptovibes.com – Daily Cryptocurrency and FX News
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EURJPY Price Analysis – February 04
Further increase in the Bulls momentum may push the price to retest the supply level of $133, above it are $134, $136 resistance levels. Should the Bears interrupt the bullish movement, the price may rally to the south side, $131, $130, and $129 levels may be tested.
EURJPY Market
Key Levels:
Supply levels: $133, $134, $136
Demand levels: $131, $130, $129
EURJPY Long-term trend: Bullish
EURJPY is bullish on the long-term outlook. On January 13, the Bulls lost the momentum and were unable to break up the $131 level. The Bears gained momentum and pushed the pair down towards the previous low. The price tested $128 support level and the bulls defend the just mentioned level with the formation of strong bullish engulfing candle. The price soared towards north after the release of monetary policy statement.
Continuation of the Double bottom chart pattern noticed on the daily chart. The price is increasing towards the supply level of previous high at $131 after passed through the barrier at $130 and $131 levels. The currency pair has returned to trade above the 9 periods EMA and 21 periods EMA which is a bullish movement sign. The relative strength index period 14 is above 60 levels with the signal lines showing bullish direction in the EURJPY market. Further increase in the Bulls momentum may push the price to retest the supply level of $133, above it are $134, $136 resistance levels. Should the Bears interrupt the bullish movement, the price may rally to the south side, $131, $130, and $129 levels may be tested.
EURJPY Short-term Trend: Bullish
EURJPY is bullish on the 4-hour chart. After the breakdown of the two EMAs levels, the price reached $128 where it was consolidating for few days. The bulls gained momentum and the price increased sporadically, the bullish pressure breaks up the resistance levels of $130 and $131.
The price is trading above the 9 periods EMA and 21 periods EMA after crossed over the two EMAs upside. The relative strength index period 14 is above 70 levels and the signal lines pointing up to indicate a buy signal.
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