EURJPY Price Analysis – November 15
Should the Bulls continue with the present momentum or increase, the price will retest the supply level of $120. In case the Bears interrupt the bulls and increase their pressure the price may continue the downtrend.
Supply levels: $120, $122, $123
Demand levels: $119, $117, $116
EURJPY Long-term Trend: Bearish
EURJPY is bearish in the long-term outlook. The Bears overpowered the Bulls in the ranging market that EURJPY currency has been engaged in for over two weeks. The currency pair formed a double top chart pattern on 31 October. This chart pattern triggered the downtrend experienced during the last two weeks. The bearish movement declined the price of the currency pair to the demand level of $119. Today, the Bulls dominated the market and the price bounced.
EURJPY price crossed downside the two EMAs on 14 November, today’s bullish action is returning the price above the 21 periods EMA and 50 periods EMA. Should the Bulls continue with the present momentum or increase, the price will retest the supply level of $120. In case the Bears interrupt the bulls and increase their pressure the price may continue the downtrend. The Stochastic Oscillator period 14 is at an oversold region (below 20 levels) with the signal lines bending up, which connotes the buy signal.
EURJPY medium-term Trend: Bullish
EURJPY is bullish on the 4-hour chart. The Bears push down the currency pair towards the demand level of $119. Bearish momentum became weak and the just mentioned support level became a barrier to the currency pair, the bears were unable to penetrate the level.
The Bulls increased their momentum and the price increase to break up the two EMAs. The price is trading above 21 periods EMA while it is in touch with the 50 periods EMA which indicates that the Bulls’ pressure is increasing. The stochastic Oscillator period 14 is at 60 levels and the signal line pointing up to indicate a strong buy signal.
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