EURJPY Price Analysis – July 19
The market opened today with the formation of a bullish candle at the demand level of $120 which may lead to the reversal of the price provided the Bulls increased their momentum.
Supply levels: $123, $125, $126
Demand levels: $120, $119, $117
EURJPY Long-term trend: Bearish
EURJPY is bearish on the long-term outlook. The EURJPY price pulled back towards the 21 period EMA level two weeks ago within a short horizontal channel. Last week, the pair resumed its bearish movement; this is seen on the daily chart as the strong bearish candle emerged on July 12. Further decrease in EURJPY price continues as more bearish candles were formed. EURJPY price has touched the demand level of $120; this is the third time the price is touching the level to form “Tripple bottom”.
The market opened today with the formation of a bullish candle at the demand level of $120 which may lead to the reversal of the price provided the Bulls increased their momentum. Meanwhile, the stochastic oscillator period 14 is below 20 levels (oversold level) with the signal lines bending up to indicate buy signal. EURJPY is trading below the 21 periods EMA and 50 periods EMA.
EURJPY Short-term Trend: Bearish
On the 4-hour chart, EURJPY is bearish. The bearish trend eventually placed the price at the demand level of $120 on July 18. A strong pin bar candle appeared at the mentioned level and this may lead to a bullish price reversal.
The price is trading below the 21 periods EMA ad 50 periods EMA, trying to cross over the two EMAs. The stochastic Oscillator period 14 is at 50 levels and the signal lines pointing up to indicate a buy signal.
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