EURJPY Price Analysis – April 5
The Bullish breakout at the supply level of $125 will expose the $127 price level. Should the Bears defend the level of $125 then EURJPY will roll down to $123 level.
Supply levels: $125, $127, $129
Demand levels: $123, $121, $118
EURJPY Long-term trend: Bearish
On the daily chart, EURJPY maintains its bearish trend. USDJPY continues trading within the falling wedge. According to our prediction, last week; the demand level of $123 did holds and the Bears could not break it downward, the currency pair ranged towards the supply level of $125 with the aid of the Bulls momentum. Throughout last week the Bulls were in control of the USDJPY market. Breakout is highly anticipated this week.
The currency pair continues trading below the 21 periods EMA and the 50 periods EMA which connotes a strong bearish momentum. However, the Moving Average Convergence Divergence period 12 with its histogram faintly appear above the zero levels and the signal line below zero levels but point up connotes buy signal within the bearish trend. The Bullish breakout at the supply level of $125 will expose the $127 price level. Should the Bears defend the level of $125 then EURJPY will roll down to $123 level.
EURJPY Short-term Trend: Bearish
EURJPY is on the downtrend on the 4-hour chart. Break out from the falling wedge is not yet occur; that is trading within the formed falling wedge on the 4-hour chart continues. The bullish momentum that commenced on March 28 from the lower trend line of the falling wedge has pushed the EURJPY price to touch the $125 price level.
There is a tendency for the price to bounce back to the lower trend line of the falling wedge pattern.
The MACD period 12 with its histogram is above the zero levels pointing down to indicate sell signal.
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