EURJPY Price Analysis – June 07
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: $123, $125, $121
Demand levels: $120, $119, $117
EURJPY Long-term trend: Bearish
EURJPY is on the weak bearish trend in the long-term outlook. The currency pair was under the bearish pressure for a long time. The Bears’ momentum bottomed the EURJPY price at the support level of $120 on May 31. The following day, at the same level, a bullish reversal candle pattern called the Tweezer Bottom formed and the Bulls are taking over gradually with the formation of bullish candles. The price is moving towards $123 supply level.
The histogram of Moving Average Convergence divergence period 12 is above zero levels with the signal lines bending up to indicate a buy signal and an increase in the EURJPY price. The currency pair is touching the 21 periods EMA trying to cross it as a bullish trend signal. The currency pair price is heading towards the supply level of $123 and the mark may be reached provided the Bears do not interrupt. Nevertheless, a pullback is inevitable.
EURJPY Short-term Trend: Bullish
EURJPY is on the bullish trend on the 4-hour chart. EURJPY was bearish last week and the pair found support at the demand level of $120. Tweezer bottom candle emerged and the price rally towards the dynamic resistance level, it penetrates the two EMAs and the price is heading towards $123 supply level.
The price is trading above the 21 periods EMA and 50 periods EMA, the former is trying to cross the later upside as a sign of a bullish trend. The Moving Average Convergence Divergence period 12 with its histogram is above the zero levels and the signal lines pointing up to indicate buy and further increase in the currency price.
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