EURJPY Price Analysis – July 12
Further increase in the Bears momentum may push the price to retest the demand level of $120 level. The previous low demand level of $120 may be reached in case the Bears maintain or increase their momentum. Should the Bulls continue to defend $120 level, consolidation may continue.
Supply levels: $123, $125, $126
Demand levels: $120, $119, $117
EURJPY Long-term trend: Bearish
On the long-term outlook, EURJPY is bearish. On July 01, the EURJPY tested the supply level of $123 but could not break up the level. The Bears defended the $123 level and pushed down the price towards $120 demand level. Last week, the Bulls interrupted the bullish trend and the price pulled back for five days, moved towards 21 periods EMA. Today’s market was bearish as a strong bearish daily candle formed that decreased the price further.
Last three days the price was directly on 21 periods EMA, the bearish pressure experienced in the EURJPY market today pushed the price below the two EMAs as a sign of bearish momentum. The Stochastic Oscillator period 14 is at 40 levels and the signal lines bending down to indicate that the sellers are getting ready to take over the market. Further increase in the Bears momentum may push the price to retest the demand level of $120 level. The previous low demand level of $120 may be reached in case the Bears maintain or increase their momentum. Should the Bulls continue to defend $120 level, consolidation may continue.
EURJPY Short-term Trend: Bearish
EURJPY is bearish on the 4-hour chart. The currency pair was moving sideways last week s on the 4-hour chart. There was an up and down movement of the price within a channel. The 21 periods EMA is interlocked with the 50 periods EMA, the price is trading over and around the two EMAs.
The stochastic Oscillator period 14 is at 20 levels and the signal lines pointing down to indicate a sell signal.
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