EURJPY Price Analysis – November 01
The bullish breakout may be experienced in the EURJPY market at the supply level of $120 provided the Bulls to increase their pressure. In case the bears keep defending the $120 price level consolidation may continue.
Supply levels: $120, $122, $123
Demand levels: $119, $117, $116
EURJPY Long-term Trend: Ranging
On the long-term outlook, EURJPY is ranging. The currency pair was able to reach a high of $120 price level on 17 October. The momentum of the Bulls became weak and was unable to push up the price to break up the supply level of $120. The Bears have not enough pressure to push down the price, and then the price started consolidating at the supply zone of $120.
The currency pair retains its trading above the 21 periods EMA and 50 periods EMA in which the former is above the later as a sign of bullish momentum. The bullish breakout may be experienced in the EURJPY market at the supply level of $120 provided the Bulls to increase their pressure. In case the bears keep defending the $120 price level consolidation may continue. The Stochastic Oscillator period 14 is above 80 levels with the signal lines bending down, which indicate the sell signal.
EURJPY medium-term Trend: Ranging
EURJPY is ranging on the 4-hour chart. The consolidation of the currency pair that started two weeks ago in the EURJPY market continued last week; this was the result of the low momentum experienced by the Bulls and the Bears. The price is hovering around the supply level of $120.
The price is trading in and around the 21 periods EMA and 50 periods EMA which indicates that consolidation is not over in the EURJPY market. However, the stochastic Oscillator period 14 is at 30 levels and the signal line bending up to indicate a buy signal.
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