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EURJPY Price Analysis – April 08
Should the bears break down the support level of $134, price may decrease and face the support levels at $133 and $132. On the other hand, further increase in the Bullish momentum may push the price to the previous high at $135, $136 and $137 levels.
EURJPY Market
Key Levels:
Supply levels: $135, $136, $137
Demand levels: $134, $133, $132
EURJPY Long-term trend: Bullish
EURJPY is bullish on the long-term outlook. The bullish trend commenced at the low of $125 on March 08. The bulls pushed the price to reach the high of $137 resistance level on March 28. The price carried out price retracement towards the support level of $134. The bulls and the bears lose their momentum and this leads to low volatility in the EURJPY market. Consolidation is in progress in the EURJPY market.
The price is currently at support level of $134, trading below the 9 periods EMA while 21 periods EMA is below the price which indicate a weak bearish movement. The relative strength index period 14 is at 62 levels with the signal lines showing no specific direction. Should the bears break down the support level of $134, price may decrease and face the support levels at $133 and $132. On the other hand, further increase in the Bullish momentum may push the price to the previous high at $135, $136 and $137 levels.
EURJPY Short-term Trend: Bearish
EURJPY is bearish on the 4-hour chart. On March 25, the bulls successfully pushed the price to the resistance level of $137. The just mentioned level holds and bulls’ momentum failed. Price pulled back. The bears are trying to gain more pressure so that they can dominate the market and the price will fall. The price is currently ranging at $134 price levels.
The price is trading below the 9 periods EMA while 21 periods EMA is below the price. The relative strength index period 14 is at 62 levels parallel to the level to indicate a ranging market.
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