EURJPY Price Analysis – August 16
The breakup of the supply level of $119 by the Bulls will increase the price towards the supply level of $120. Likewise, the breakdown of the demand level of $117 will expose the demand level of $116.
Supply levels: $119, $120, $123
Demand levels: $117, $116, $114
EURJPY Long-term Trend: Ranging
On the long-term outlook, EURJPY is on the sideways movement. After the bearish momentum pushed the price to reach the demand level of $117 on August 05; the Bears continuously defending the demand level of $117, thus, the Bulls were not able to break down the level. The price bounced and moved up to retest the supply level of $119. The Bears equally defended the $119 supply level and the Bears were not able to break up the level and this scenario led to sideways movement within the $119 and 4117 price level.
The breakup of the supply level of $119 by the Bulls will increase the price towards the supply level of $120. Likewise, the breakdown of the demand level of $117 will expose the demand level of $116. EURJPY retain its trading below the 21 periods EMA and 50 periods EMA and the Stochastic Oscillator period 14 is below 20 levels with the signal lines bending down to indicate sell signal.
EURJPY medium-term Trend: Ranging
EURJPY is ranging on the 4-hour chart. The sideways movement continues in the 4- hour chart as it was last week. The currency pair is range-bound within the supply level of $119 and the demand level of $117. The price is touching the upper level of the range and bounced off the level and the same with the lower level of the range.
The price is moving in and around the two EMAs as a sign of sideways movement. However, the stochastic Oscillator period 14 is at 20 levels (oversold level) bending up to indicate a buy signal.
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