EURJPY Price Analysis – June 22
There is a tendency for the price to reverse at the $120 demand level in case the level holds and the price may target $123 supply level.
Supply levels: $123, $125, $126
Demand levels: $120, $119, $117
EURJPY Long-term trend: Bearish
On the long-term outlook, EURJPY continues its bearish movement. The price of EURJPY decreases further as the Bears hold onto the market. Last week was not an exception, the market closed daily with a bearish candle. The bearish momentum has placed the price at a low of $120 price level. Yesterday, the Bulls dominate the market and the price was reversed from the $120 level and moved to touch the dynamic resistance level of 21 periods EMA.
The Stochastic Oscillator period 14 is at 25 levels with the signal lines trying to bend upside to indicate a buy signal. The EURJPY price retains its trading below the 21 periods EMA and 50 periods EMA while the price is closed to the two EMAs. There is a tendency for the price to reverse at the $120 demand level in case the level holds and the price may target $123 supply level.
EURJPY Short-term Trend: Bullish
EURJPY is bullish on the 4-hour chart. The bearish momentum bottomed the EURJPY at the demand level of $120 today. The bullish engulfing candle formed at the same level and this triggered the bullish momentum which pushed the price to penetrate the 21 periods EMA and 50 periods EMA. The price is currently moving towards the supply level of $123.
The price has cross over the two EMAs upside and the price is trading above the 21 periods EMA and 50 periods EMA. The stochastic Oscillator period 14 is at 75 levels and the signal lines pointing up to indicate a buy signal.
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