EURJPY Price Analysis – June 28
Increase in the Bulls’ momentum will lead to an increase in price that may eventually reach $123 – $125 price level.
Supply levels: $123, $125, $126
Demand levels: $120, $119, $117
EURJPY Long-term trend: Bearish
On the long-term outlook, EURJPY is bearish. The bearish momentum pushed the price of EURJPY to touch the demand level of $120 on May 31. The price pulled back to $123 supply level and a further increase was resisted at the level and the price returned to the previous low to retouch the $120 level the second time to form a chart pattern called “double bottom”. The double bottom pattern is a bullish reversal candle pattern and that is what makes the price to rise towards $123 level last week.
The Stochastic Oscillator period 14 is at 70 levels with the signal lines pointing upside to indicate a buy signal. The EURJPY price is trading in-between the 21 periods EMA and 50 periods EMA trying to break up the 50 periods EMA. Increase in the Bulls’ momentum will lead to an increase in price that may eventually reach $123 – $125 price level.
EURJPY Short-term Trend: Bullish
EURJPY is bullish on the 4-hour chart. After the breakup of the price at dynamic resistance levels (21 periods EMA and 50 periods EMA).The price retracement was carried out towards the broken level. The price is moving up towards $123 supply level.
The price is trading above the 21 periods EMA and 50 periods EMA after crossed over the two EMAs upside. The stochastic Oscillator period 14 is above 50 levels and the signal lines turning up to indicate a buy signal.
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