EURJPY Price Analysis – November 29
The price may break out at the supply level of $120 and heading towards the supply level of $122. In case the Bulls defend the supply level of $120, price sideways movement may continue within the $120 and $119 price level
Supply levels: $120, $122, $123
Demand levels: $119, $117, $116
EURJPY Long-term Trend: Bullish
On the long-term outlook, EURJPY is bullish. The bearish movement of the currency pair a few weeks ago was interrupted by the Bulls. In the upper week, the pair was heading towards the demand level of $119 price level. The price found support at the dynamic support level of 50 EMA. The Bulls resumed the market with increased momentum and currently heading towards the supply level of $120.
The price has penetrated the two EMAs upside and currently trading above the 21periods EMA and 50 periods EMA, which indicates an increase in the Bulls’ momentum. The price may break out at the supply level of $120 and heading towards the supply level of $122. In case the Bulls defend the supply level of $120, the price sideways movement may continue within the $120 and $119 price level. The Stochastic Oscillator period 14 is at 70 levels with the signal lines pointing up to indicate the buy signal.
EURJPY medium-term Trend: Bullish
EURJPY is bullish on the 4-hour chart. EURJPY was consolidating in-between the $120 and the $119 price level, it was trading around the two EMAs. Last week there was an increase in the Bulls’ momentum; this is noticed on the 4-hour chart as the price is raised towards the supply level of $120.
The two EMAs that were interlocked to each other before, it is currently separated and the price is trading above the two EMAs. The stochastic Oscillator period 14 is at 80 levels and the signal line pointing down to indicate a sell signal.
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