EURJPY Price Analysis – December 13
Further increase in the Bulls’ momentum may break up the supply level of $122 and the price will be exposed to the supply level of $123. In case the Bears further defend the supply level of $122, the price may reverse and move towards the demand level of $120.
Supply levels: $122, $123, $125
Demand levels: $120, $119, $117
EURJPY Long-term Trend: Bullish
On the long-term outlook, EURJPY is bullish. EURJPY was ranging within the $119 and the $120 price level for more than two weeks ago. At the beginning of last week, the currency pair was trading within the range but the Bulls were pushing up the price towards the upper trend line. The former supply level of $120 could not hold the price and the Bulls increase their momentum, broke up the $120 levels and the price increased to test the supply level of $122 as it was predicted last week. The bears defended the just mentioned level and the price falls back below the $122 price level.
EURJPY is trading above the 21periods EMA and 50 periods EMA at a distance range, which connotes that the bulls are dominating the EURJPY market. Further increase in the Bulls’ momentum may break up the supply level of $122 and the price will be exposed to the supply level of $123. In case the Bears further defend the supply level of $122, the price may reverse and move towards the demand level of $120. The Relative Strength Index period 14 is at 70 levels with the signal lines pointing up to indicate a buy signal.
EURJPY medium-term Trend: Bullish
EURJPY is bullish on the 4-hour chart. The currency pair broke up the significant former supply level of $120. The Bullish momentum extends towards the supply level of $122 and there was a fake breakout at the just mentioned level before the Bears opposed the breakout and the price reversed.
The price is currently trading above the 21 periods EMA and the 50 periods EMA as a significant bullish trend in the EURJPY market. The relative strength period 14 is at 60 levels and the signal line pointing down to indicate a sell signal.
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