EURJPY Price Analysis – September 27
The demand level of $117 may be penetrated by the bears provided there is an increase in the Bears’ momentum and the price may fall to the previous low of $116 price level. In case the demand level of $117 holds, the price may reverse and continue its bullish movement
Supply levels: $119, $120, $123
Demand levels: $117, $116, $115
EURJPY Long-term Trend: Bearish
EURJPY is bearish on the long-term outlook. The currency pair broke down the former demand level of $119 last week. The Bears hold to the EURJPY market and the price continue to decline towards the demand level of $117. On September 26, there was a fake break out at the demand level of $117, the price pulled back. Today, the Bulls dominate the market and the price increased to test the dynamic resistance level of 21 periods EMA.
EURJPY continue to trade below the 21 periods EMA and 50 periods EMA which indicates that the Bears are in control of the EURJPY market. The demand level of $117 may be penetrated by the bears provided there is an increase in the Bears’ momentum and the price may fall to the previous low of $116 price level. In case the demand level of $117 holds, the price may reverse and continue its bullish movement. However, the Stochastic Oscillator period 14 is at 20 levels with the signal lines pointing down to indicate a sell signal.
EURJPY medium-term Trend: Bearish
On the 4-hour chart EURJPY is bearish. The formation of last week double pattern has led to the decrease in the price of EURJPY. The price descended to test the demand level of $117 and had a fake breakout. There was a rejection of price declination by the Bulls and the price increase to break up the two EMAs.
The price is currently trading between the 21 periods EMA and 50 periods EMA to indicate increase in the bullish momentum. The stochastic Oscillator period 14 is at 60 levels pointing up to indicate a buy signal.
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