EURJPY Price Analysis – September 20
The increase in the Bears’ pressure will lead to a further decrease in price which maybe $116 price level provided the $117 price level does not hold.
Supply levels: $119, $120, $123
Demand levels: $117, $116, $115
EURJPY Long-term Trend: Bearish
On the long-term outlook, EURJPY is bearish. The currency pair was bullish last week. The bullish momentum propelled the currency price to the supply level of $119 on September 12. The daily bullish candle closed above the supply level of $119. The price started consolidating at the just mentioned supply level, and this scenario continues throughout last week. Today, the Bears dominated the market and a strong bearish candle emerged and this pushed the price down towards the demand level of $117.
The 21 periods EMA and 50 periods EMA that was below the price last week is currently moving above the price which indicates that the Bears are gradually taking over the EURJPY market. The increase in the Bears’ pressure will lead to a further decrease in price which maybe $116 price level provided the $117 price level does not hold. Meanwhile, the Stochastic Oscillator period 14 is above 80 levels with the signal lines bending down to indicate a sell signal.
EURJPY medium-term Trend: Bearish
EURJPY is bearish on the 4-hour chart. The price action has formed a double top chart pattern on the 4-hour chart. The former demand level of $119 has been penetrated downside. The price is declining towards the demand level of $117.
The price has crossed the two EMAs downside and it is trading below the 50 periods EMA and 21 periods EMA to indicate sell signal. The stochastic Oscillator period 14 is below 25 levels bending down to indicate a sell signal and further reduction in price.
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