EURJPY Price Analysis – October 25
The bearish momentum may continue as long as the bears maintain or increase their pressure and the price is targeting the demand level of $119. Any interruption by the Bulls may cause price consolidation.
Supply levels: $120, $122, $123
Demand levels: $119, $117, $116
EURJPY Long-term Trend: Bullish
EURJPY is bullish on the long-term outlook. The Bullish momentum placed the price at the supply level of $120 last week. There was a false breakout at the level, the bulls lose their momentum and the price could not increase further. A bearish engulfing candle emerged which pushed the price below the $120 price level. The price is currently targeting the demand level of $119
The currency pair is trading above the 21 periods EMA and 50 periods EMA and the price is moving closer to the two EMAs which indicates a reduction in the bulls’ momentum in the EURJPY market. The bearish momentum may continue as long as the bears maintain or increase their pressure and the price is targeting the demand level of $119. Any interruption by the Bulls may cause price consolidation. However, the Stochastic Oscillator period 14 is at the 80 levels with the signal lines bending towards the south, which connotes that the be are over the market.
EURJPY medium-term Trend: Bearish
EURJPY is bearish on the 4-hour chart. The currency pair started ranging movement shortly after the breakout that took place last week at the supply level of $120. The momentum of both the bears and the Bulls were at equilibrium.
The price is trading in between the two EMAs to indicate that consolidation is ongoing in the EURJPY market. The stochastic Oscillator period 14 is below 20 levels and the signal line bending down to indicate a sell signal.
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