EURJPY Price Analysis – May 10
Further increase in the Bears’ pressure will push the pair to reach $121 level which may be broken by the Bears and target the previous low. In case, $121 level holds, the price may reverse.
Supply levels: $123, $125, $127
Demand levels: $121, $119, $117
EURJPY Long-term trend: Bearish
On the daily chart, EURJPY is on the bearish movement. EURJPY observed a pullback last week after broke down the former demand level of $125. On May 01, EURJPY resumed its downtrend movement with the formation of bearish candles. Throughout last week, the Bears have full control of the EURJPY market.
The currency pair has penetrated the former demand level of $123 and the currency pair is exposed to $121 level. Further increase in the Bears’ pressure will push the pair to reach $121 level which may be broken by the Bears and target the previous low. In case, $121 level holds, the price may reverse. The currency pair still remains below the 21 periods EMA and 50 periods EMA. Meanwhile, the Moving Average Convergence Divergence period 12 with its histogram is below zero level and its signal lines pointing down to indicate sell signal.
EURJPY Short-term Trend: Bearish
EURJPY is on the bearish trend on the 4-hour chart. The bearish momentum is increasing; former demand level of $123 has been penetrated downside and the price moved towards $122. At the moment, EURJPY is experiencing a pullback. The Bears were still in full control of the EURJPY market.
The 21 period EMA and 50 periods EMA is still above the price. The Moving Average Convergence Divergence period 12 is above zero levels with the signal lines pointing up to indicate a buy signal. There is a probability that the Bulls may take over the market soon.
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