EURJPY Price Analysis – July 05
Further increase in the Bears momentum may push the price to retest the demand level of $120 level. Should the Bulls defend the $120 level, the price will rally to the north side.
Supply levels: $123, $125, $126
Demand levels: $120, $119, $117
EURJPY Long-term trend: Bearish
EURJPY is bearish on the long-term outlook. Double bottom chart pattern was noticed on the daily chart two weeks ago. The price was increased towards the supply level of $123 after passed through the barrier at the dynamic support and resistance level. On July 01, the Bulls lost the momentum and were unable to break up the level. The Bears gained momentum and pushed the pair down towards the previous low but yet to get to the mark before the Bulls interrupted and the pair is currently consolidating.
The currency pair has returned to trade below the 21 periods EMA and 50 periods EMA which is a bearish movement sign. The Stochastic Oscillator period 14 is above 25 levels with the signal lines showing no specific direction indicates that consolidation is ongoing in the EURJPY market. Further increase in the Bears momentum may push the price to retest the demand level of $120 level. Should the Bulls defend the $120 level, the price will rally to the north side.
EURJPY Short-term Trend: Bearish
EURJPY is bearish on the 4-hour chart. The currency pair was bullish last week. The price dropped from the supply level of $123, broke the barrier at the dynamic resistance and support level. After the breakdown of the EMAs levels, the price began to consolidate.
The price is trading below the 21 periods EMA and 50 periods EMA after crossed over the two EMAs downside. The stochastic Oscillator period 14 is at 75 levels and the signal lines pointing up to indicate a buy signal.
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