EURJPY Price Analysis – December 06
The bullish breakout at the supply level of $120 may push the price to reach the supply level of $122. Likewise, the bearish breakout at the demand level of $119 may bring the price down to the $117 price level.
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 found support at the $119 price level on November 14. The demand level of $119 was defended by the Bulls and the price could not break the level downside. A bullish engulfing candle formed which indicates that the Bulls’ momentum is increasing to test the supply level of $120. The Bears equally defended the supply level of $120 and the pair started a sideways movement within the range.
EURJPY is trading directly on the 21periods EMA and 50 periods EMA at a close range, which indicates that the bulls’ momentum is weak. The bullish breakout at the supply level of $120 may push the price to reach the supply level of $122. Likewise, the bearish breakout at the demand level of $119 may bring the price down to the $117 price level. The Stochastic Oscillator period 14 is at 80 levels with the signal lines showing no direction which indicates that consolidation is ongoing in the EURJPY market.
EURJPY medium-term Trend: Ranging
EURJPY is on the sideways movement on the 4-hour chart. EURJPY price is yet to break out of the consolidating region; between the $120 and the $119 price level. This may be due to the low momentum of the Bulls and the Bears.
The price is hovering over the 21 periods EMA and the 50 periods EMA as a sign of ranging movement in the EURJPY market. The stochastic Oscillator period 14 is at 80 levels and the signal line pointing up to indicate a buy signal.
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