EURJPY Price Analysis – March 22
The currency pair may likely experience a pullback at the $123 price level and in case the bulls defend the mark, EURJPY will rally towards the $125 level and may touch the drawn upper trend line. EURJPY remains bearish until the upper trend line is broken.
Supply levels: $125, $127, $129
Demand levels: $123, $121, $118
EURJPY Long-term trend: Bearish
EURJPY is on the bearish trend on the daily chart. EURJPY was range-bound from January 8 to February 22 within the supply level of $125 and demand level of $123. The bullish pressure pushed up the currency pair and broke up the confluence at $125 price level and found its resistance at $127 mark. The Bulls lost the pressure and the Bears took over with the formation of bearish candles that return the EURJPY price to the previous low of $124 demand level.
The strong daily bearish candle formed today broke down the $125 price level and currently touching $123 price level. The currency pair may likely experience a pullback at the $123 price level and in case the bulls defend the mark, EURJPY will rally towards the $125 level and may touch the drawn upper trend line. EURJPY remains bearish until the upper trend line is broken.
EURJPY Short-term Trend: Bearish
EURJPY is on the downtrend on the 4-hour chart. The currency pair topped at $127 price levels on March 19 with the aid of the bulls’ momentum. The price was resisted and the Bears returned the price to the previous low where it bounced back at the lower trend line and touched the upper trend line on March 20. EURJPY is currently on the bearish trend almost touching $123 price level.
The price is under the 21-day EMA and 50-day EMA with the former crossed the later downside which indicates a strong bearish trend. In case the lower trend line is broken and a pullback is observed, then the bearish trend will continue towards $121 price level.
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