EURJPY Price Analysis – July 26
The bearish trend will continue only when today’s candle closed below the demand level of $120, the price may decline to the $119 price level. In case $120 level holds, the price may increase towards the supply level of $123.
Supply levels: $123, $125, $126
Demand levels: $120, $119, $117
EURJPY Long-term trend: Bearish
On the long-term outlook, EURJPY is bearish. The Bears continue holding tight to the EURJPY market. The market closed with the price on the demand level of $120 upper week. On July 23, the Bears pushed EURJPY price down below the demand level of $120 and the price descended towards $119 price level but unable to reach the mark. The Bulls pulled back the price with the formation of a bullish engulfing candle that returned the price above $120 level.
Today, it seems the Bears are ready to continue the downward movement as the daily candle emerging is bearish. EURJPY continues its trading below the 21 periods EMA and 50 periods EMA.
The bearish trend will continue only when today’s candle closed below the demand level of $120, the price may decline to the $119 price level. In case $120 level holds, the price may increase towards the supply level of $123. The stochastic oscillator period 14 is above 20 levels with the signal lines bending up to indicate a buy signal.
EURJPY Short-term Trend: Bullish
On the 4-hour chart, EURJPY is bullish. The bearish momentum got exhausted after the break down of the demand level of $120 and the price decreased towards the demand level of $119. Two strong and massive bullish candles were produced consecutively which pushed the price to break up the $120 level. The price is carrying out price retracement currently.
EURJPY has crossed over the two EMAs upside and it is trading above the 21 periods EMA and 50 periods EMA to indicate an increase in bullish momentum. However, The stochastic Oscillator period 14 is at 75 levels and the signal lines turning down to indicate a sell signal.
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