EURJPY Price Analysis – August 31
The demand level of $116 may be penetrated provided the Bears gain more pressure and the $114 price level will be exposed.
Supply levels: $117, $119, $120
Demand levels: $116, $114, $113
EURJPY Long-term Trend: Ranging
On the long-term outlook, EURJPY is ranging. On August 14, the bearish momentum pushed the currency pair to reach the former demand level of $117 and the Bears lost the momentum. The currency pair started consolidating at the $117 price level because the level also held the price. The Bears gained enough pressure to break down the $117 price level on August 23. Ever since then, the price has been range-bound within the supply level of $117 and the demand level of $116.
The market was closed bearish with a strong daily bearish candle. The currency pair continues trading below the 21 periods EMA and 50 periods EMA and the distance between the two keep increasing as a sign of an increase in the bearish momentum. The demand level of $116 may be penetrated provided the Bears gain more pressure and the $114 price level will be exposed. The Stochastic Oscillator period 14 is above 25 levels with the signal lines bending down to indicate sell signal and a further decrease in price.
EURJPY medium-term Trend: Bearish
EURJPY is bearish on the 4-hour chart. The Bears continue to dominate the EURJPY market on 4-hour chart. The bearish movement continues and the price is decreasing towards the demand level of $116. The price level will reach the just mentioned level in case the Bears maintain their momentum.
The pair is trading below the 21 periods EMA and 50 periods EMA while the price is moving farther away from the EMAs downside as a sign of strong bearish momentum. The stochastic Oscillator period 14 is at 20 levels bending down to indicate a sell signal.
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