EURJPY Price Analysis – April 19
Should the Bears exert more pressure to break down the demand level of $125, EURJPY may find its support at the previous low of $121. In case the demand level of $125 holds, the Bulls will push the currency pair to reach the supply level of $127.
Supply levels: $127, $129, $131
Demand levels: $125, $123, $121
EURJPY Long-term trend: Ranging
EURJPY is on the ranging movement on the daily chart. A strong bullish candle emerged on April 12 that moved the EURJPY price towards the supply level of $127. The bullish momentum became weak and the price could not go up further. The currency pair started ranging in between the supply level of $127 and the demand level of $125.
The 21 periods EMA is already interlocked with the 50 periods EMA as a sign of consolidation and the currency pair is trading on the two EMAs at $125 price level. The Stochastic Oscillator period 14 is at 80 levels (overbought level) with the signal lines bending down to indicate sell signal and also indicates that the sellers will soon take over the market. Should the Bears exert more pressure to break down the demand level of $125, EURJPY may find its support at the previous low of $121. In case the demand level of $125 holds, the Bulls will push the currency pair to reach the supply level of $127.
EURJPY Short-term Trend: Bullish
EURJPY is on the bullish trend on the 4-hour chart. The Bulls are in control of the EURJPY market. The price has formed the ascending channel on the 4-hour chart. On April 11, the Currency pair broke up the $125 level and touched the upper trend line where it was resisted with the formation of evening start candle pattern which pushed the price down to the lower trend line at $125 level. The price is turning back to the upside with the aid of the Bulls’ momentum.
Meanwhile, the Stochastic Oscillator period 14 is below 20 levels (oversold level) and the signal lines pointing upside connotes buy signal.
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