EURJPY Price Analysis – November 22
The breakdown of the demand level of $119 will expose the price to the demand level of $117 and that maybe its target, On the other hand, the breakout at the supply level of $120 may increase the price to the supply level of $122.
Supply levels: $120, $122, $123
Demand levels: $119, $117, $116
EURJPY Long-term Trend: Bearish
On the long-term outlook, EURJPY is bearish. The currency pair remains bearish as it was two weeks ago. On November 14, the price bottomed at the demand level of $119, the bears’ momentum was weak and could not break down the mentioned level. A bullish engulfing candle emerged and EURJPY was pushed up towards $120 price level. The bullish momentum could not break up the level, coupled with weak bearish pressure, the price commences consolidation mode. Today, the Bears dominated the market and the price is ranging within the $119 zone.
The price is ranging in between the dynamic support and resistance level of 21periods EMA and 50 periods EMA and the two EMAs are flat as a sign of ranging market. The breakdown of the demand level of $119 will expose the price to the demand level of $117 and that maybe its target, On the other hand, the breakout at the supply level of $120 may increase the price to the supply level of $122. The Stochastic Oscillator period 14 is at 40 levels with the signal lines bending down to indicate the sell signal.
EURJPY medium-term Trend: Ranging
EURJPY is ranging on the 4-hour chart. The price has been on the bullish trend before it reached the $120 price level. The Bulls’ momentum became weak and could not push up the price beyond the level, likewise, the Bears’ pressure was exhausted and the price resulted in consolidation.
The two EMAs are interlocked to each other with the price hovering over it which indicates that consolidation is ongoing in the EURJPY market. The stochastic Oscillator period 14 is at 20 levels and the signal line pointing down to indicate a sell signal.
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