In Case $137 Level Holds, Sellers May Dominate Market – Cryptovibes.com – Daily Cryptocurrency and FX News
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EURJPY Price Analysis – April 15
Should the bulls push up the price to break up the resistance level of $137, price may increase and face the resistance levels at $138 and $139. Conversely, further increase in the Bearish momentum may push the price to the support levels at $136, $135 and $134 levels.
EURJPY Market
Key Levels:
Supply levels: $137, $138, $139
Demand levels: $136, $135, $134
EURJPY Long-term trend: Bullish
EURJPY is bullish on the long-term outlook. The formation of bullish engulfing candle at the low of $125 on March 08 triggered the bullish trend. The bulls’ momentum has pushed the price to reach the high of January 2018 which is at resistance level of $137. The price carried out price retracement towards the support level of $134. There was short consolidation at $134. Bulls gained momentum and pushed up the price to retest the previous high.
The price is currently at resistance level of $136, trading above the 9 periods EMA and 21 periods EMA which indicate a bullish movement. The relative strength index period 14 is at 64 levels with the signal lines showing no specific direction. Should the bulls push up the price to break up the resistance level of $137, price may increase and face the resistance levels at $138 and $139. Conversely, further increase in the Bearish momentum may push the price to the support levels at $136, $135 and $134 levels.
EURJPY Short-term Trend: Ranging
EURJPY is on the ranging movement on the 4-hour chart. The bulls pushed the price to the resistance level of $137. The just mentioned level holds and bulls’ momentum failed. At the same time the bears’ momentum is weak. And commence ranging movement within $136 and $135 levels.
The price is trading over and around the 9 periods EMA and 21 periods EMA. The two are interlocked to each other. The relative strength index period 14 is at 54 displaying no specific direction which indicate ongoing ranging market.
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