EURJPY Price Analysis – December 27
The supply level of $123 is the next target for the EURJPY price provided the Bulls maintain their momentum. Further increase in the Bulls’ pressure may push the price to $125. In case $123 price level holds, it may reverse towards the $122 price level.
Supply levels: $123, $125,$127
Demand levels: $122, $120, $119
EURJPY Long-term Trend: Bullish
EURJPY is bullish on the long-term outlook. EURJPY was bearish last week. The price found support at the demand level of $120. The just mentioned level holds and the bearish momentum was weak and it experienced two days consolidation. The Bulls gained more pressure and strong bullish candles emerged that broke up the supply level of $122. The price is currently exposed to the supply level of $123.
EURJPY continues its trading above the 21periods EMA and 50 periods EMA at a distance range; it implies that the Bulls rejected a further decrease in the price of EURJPY. The supply level of $123 is the next target for the EURJPY price provided the Bulls maintain their momentum. Further increase in the Bulls’ pressure may push the price to $125. In case $123 price level holds, it may reverse towards the $122 price level. 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 Bulls rejected the decrease in the price of EURJPY at the demand level of $120. A bullish engulfing candle formed and the price increased towards the former supply level of $122. The level was broken upside and retracement may take place before the continuation of bullish movement.
The pair is trading above the 21 periods EMA and the 50 periods EMA which indicates that the Bulls are taking over the market gradually. The relative strength period 14 is above 70 levels and the signal line pointing down to indicate a sell signal which may be a pullback.
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