EURJPY Price Analysis – April 26
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 bearish movement on the daily chart. EURJPY refused to bounce at the demand level of $125 because the level did not hold. That is what gave the Bears opportunity to exert more pressure to break down the demand level of $125 and the price is on the bearish movement towards $123 level.
The 21 periods EMA is currently trying to cross the 50 periods EMA downside as a bearish trend signal. The currency pair is trading below the two EMAs. The Stochastic Oscillator period 14 is at 25 levels with the signal lines bending down to indicate sell signal and also indicates that the sellers are already in charge of the EURJPY market.
In case the Bears continue to exert more pressure, the price may break down the demand level of $123 and target $121 price level. In case the Bulls defend the demand level of $123, then EURJPY may rally towards $125 price level.
EURJPY Short-term Trend: Bearish
EURJPY is on the bearish trend on the 4-hour chart. Last week the Bulls were in control of the EURJPY market. On April 20, there was a breakout at the demand level of $125 with the aid of Bears’ pressure. The price fell towards $123 level. Yesterday, a pin bar candle formed before the price reached $123 level; this is what caused the temporary reversal that the EURJPY market is experiencing.
The Stochastic Oscillator period 14 is above 25 levels and the signal lines pointing upside which connotes buy signal.
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