EURJPY Price Analysis – August 09
In case the market closes with the bearish candle below the demand level of $118, the demand level of $117 may be the target for EURJPY.
Supply levels: $119, $120, $123
Demand levels: $118, $117, $116
EURJPY Long-term trend: Bearish
On the long-term outlook, EURJPY continue the bearish movement. The Bears hold tight to the EURJPY market. The bearish momentum remains undiminished and the price decreased accordingly. On August 02 the pair found support at the $118 level. The Bulls defended the level and the price pulled back to retest the broken level of $119 with the formation of strong daily bullish candles. After retracement, the price resumed its bearish trend on August 07; it is currently at the demand level of $118.
In case the market closes with the bearish candle below the demand level of $118, the demand level of $117 may be the target for EURJPY. The 21 period EMA remains below the 50 periods EMA and the currency pair is trading below the two EMAs. Moreover, the Stochastic Oscillator period 14 is above 25 levels with the signal lines bending down to indicate sell signal.
EURJPY medium-term Trend: Ranging
EURJPY is ranging on the 4-hour chart. The currency pair was bearish last week on the 4-hour chart and the bearish momentum pushed the price to reach the demand level of $118. A pin bar formed at the level as a bullish reversal sign. The price increased towards the supply level of $119. The Bulls lost momentum at the $119 level and the Bears have no pressure to make the pair rally; this scenario resulted to consolidation at the $119 price level.
However, the stochastic Oscillator period 14 is at 20 levels (oversold level) bending down which connotes sell signal.
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