EURJPY Price Analysis – October 04
EURJPY is currently targeting the demand level of $115 which is the low of September month. Should the demand level of $115 holds, the price will bounce like that of September 03.
Supply levels: $117, $119, $120
Demand levels: $116, $115, $113
EURJPY Long-term Trend: Bearish
On the long-term outlook, EURJPY remains bearish. EURJPY has been on the bearish movement for more than two weeks. Last week the market closed above the former demand level of $117 now supply level. The Bears intensify their pressure and the $117 price level gave way for the currency pair. The price declined towards the demand level of $116. Today’s market was dominated by the Bulls and this made the price to slightly pull back.
The price is moving farther away from the two EMAs downside. EURJPY is trading below the 21 periods EMA and 50 periods EMA which indicates that the Bears’ momentum is increasing in the EURJPY market. EURJPY is currently targeting the demand level of $115 which is the low of September month. Should the demand level of $115 holds, the price will bounce like that of September 03.
The Stochastic Oscillator period 14 is below 20 levels with the signal lines pointing down to indicate a sell signal and further reduction in price.
EURJPY medium-term Trend: Bearish
EURJPY is bearish on the 4-hour chart. The Bears would not let go in the EURJPY market as the price is declining gradually to the last month low. The former demand level of $117 was penetrated downside with the formation of more bearish candles. The Bulls made attempt to break up the21 periods EMA but was resisted.
The price is trading below the 21 periods EMA and 50 periods EMA to indicate that the Bears are in control of the market. The stochastic Oscillator period 14 is above 25 levels pointing up to indicate a buy signal.
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