EURJPY Price Analysis – April 12
The Bullish breakout at the supply level of $125 has occurred which exposed the $127 price level. In case the Bulls break up the $127 supply level, the currency pair will have its target at $129
Supply levels: $127, $129, $131
Demand levels: $125, $123, $121
EURJPY Long-term trend: Bullish
EURJPY is bullish on the daily chart. The currency pair was trading within the falling wedge last week. On April 3, the EURJPY ascended to the former supply level at $125 and started consolidating for five days. The daily candle that formed on April 11 penetrated the $125 price level. Another strong bullish candle emerged today that move the EURJPY price towards the supply level of $127.
EURJPY is currently trading above the 21 periods EMA and the 50 periods EMA in which the former EMA is trying to cross over the later as a sign of a bullish trend. Meanwhile, the Stochastic Oscillator period 14 is at 70 levels with the signal lines pointing to the north which connotes buy signal.
The Bullish breakout at the supply level of $125 has occurred which exposed the $127 price level. In case the Bulls break up the $127 supply level, the currency pair will have its target at $129.
EURJPY Short-term Trend: Bullish
EURJPY is on the uptrend on the 4-hour chart. The Bulls has Broken out the price from the falling wedge. The Bullish momentum is propelling the currency pair towards the $127 price level. The currency pair is observing pullback at the moment before it continues uptrend movement.
The Stochastic Oscillator period 14 is above 80 levels pointing down to indicate sell signal which may be a pullback.
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