EURJPY Price Analysis – February 21
Should the Bulls gain enough pressure to break up the supply level of $121; the next barrier will be at the supply level of $122. In case the supply level of $121 holds, the price may reverse to retest the demand level of$120.
Supply levels: $121, $122, $123
Demand levels: $120, $119, $118
EURJPY Long-term Trend: Bullish
EURJPY is bullish on the long-term outlook. The sellers pushed down the pair and bottomed at the demand level of $118 on 18, February. The Bulls defended the demand level of $118 and this prevented the currency pair from decline further. On the following day, a daily strong bullish engulfing candle emerged and the price broke up the former supply levels of $119 and $120. The bullish momentum extended to the supply level of $121.
The currency pair has penetrated the two EMAs upside and the price is trading above the 21 periods EMA and 50 periods EMA; this connotes a strong bullish momentum in the EURJPY market. Should the Bulls gain enough pressure to break up the supply level of $121; the next barrier will be at the supply level of $122. In case the supply level of $121 holds, the price may reverse to retest the demand level of$120. The Relative Strength Index period 14 is at 60 levels with the signal lines pointing up to indicate a buy signal.
EURJPY medium-term Trend: Bullish
On the 4-hour chart, EURJPY is bullish. After a laong time bearish trend, the currency pair found support at $118 price level. It consolidated for more than twelve hours. The bullish engulfing candle formed at the just mentioned demand level; this is a bullish reversal candle pattern. The pair soared to the north and retested the supply level of $121.
The 21 periods EMA has crossed upside the 50 periods EMA and 21 periods EMA. The relative strength index period 4 is at 70 levels with the signal line pointing down to indicate sell signal.
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