EURJPY Price Analysis – March 31
Further increase in the Bears’ momentum may break down the demand level of $123 and the currency pair will have its low at $121 price level. In case the demand level of $123 holds, the currency pair will range towards $125 supply level.
Supply levels: $125, $127, $129
Demand levels: $123, $121, $118
EURJPY Long-term trend: Bearish
On the daily chart, EURJPY is still on the bearish trend. The bears still hold onto the market of EURJPY; in other words, the Bears are in control of the EURJPY market. The bearish candle that broke down the $125 price level on March 22 could not penetrate the $123 price level, and then the coin started sideways movement. The Bulls also have not got enough momentum to push up the EURJPY price, the sideways movement may continue until radical fundamental events occur that will make it rally.
The currency pair is trading below the 21 periods EMA and the 50 periods EMA as an indication of strong bearish momentum. Nevertheless, the Stochastic Oscillator is at 20 levels (oversold level) with signal lines bending down which indicates a further decrease in the price of EURJPY. In case the demand level of $123 holds, the currency pair will range towards $125 supply level.
EURJPY Short-term Trend: Bearish
EURJPY is on the downtrend on the 4-hour chart. EURJPY has formed a falling wedge on the 4-hour chart. The currency pair is raised touching the upper trend line and return to the lower trend line where it bounces up again. Until the breakout at the upper trend line or lower trend line, trading within the wedge continues.
The 21-day EMA and 50-day EMA are above the EURJPY price as a sign of a bearish trend. Nevertheless, the Stochastic Oscillator period 14 is around 80 levels and the signal lines turning down to indicate sell signal. Further increase in the Bears momentum may break down the demand level of $123 and the currency pair will have its low at $121 price level.
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