EURJPY Price Analysis – May 31
Today’s breakout of the currency pair at the $121 level has exposed the $119 level and the pair may find support at the level in case there is no much interruption from the Bulls.
Supply levels: $121, $123, $125
Demand levels: $119, $117, $115
EURJPY Long-term trend: Bearish
EURJPY is on the bearish trend in the long-term outlook. The Bears were in full control of the EURJPY market. The currency pair was ranging within the $123 and the $121 price level last week. Today, the Bears eventually broke out at the $121 former demand level with the formation of a strong daily bearish candle. The demand level of $119 is currently exposed to the price.
The Relative Strength Index period 14 is below 30 levels with the signal lines bending down to indicate a further reduction in EURJPY price. The distance between the currency pair and the two EMAs is increasing; this indicates an increase in the bearish momentum. The EURJPY pair remains below the 21 periods EMA and 50 periods EMA and the two EMAs are well separated from each other as a sign of bearish movement. Today’s breakout of the currency pair at the $121 level has exposed the $119 level and the pair may find support at the level in case there is no much interruption from the Bulls.
EURJPY Short-term Trend: Bearish
On the 4-hour chart, EURJPY is on the bearish trend. The price was consolidating last week; which indicates weakness in the momentum of the Bears and the Bulls. The Bears has gained enough pressure to break down the $121 level and the price is heading towards $119 demand level.
The two EMAs are bending to the direction of the trend and the currency pair is trading below the 21 periods EMA and 50 periods EMA. The Relative Strength Index period 14 is below 30 levels with the signal lines pointing down to indicate a sell signal.
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