EURJPY Price Analysis – February 29
Continuation of the bears’ pressure may push down the price to penetrate the demand level of $118 and target the demand level of $117. Should the demand of $118 holds, the price may bounce and face the supply level of $119.
Supply levels: $119, $120, $121
Demand levels: $118, $117, $116
EURJPY Long-term Trend: Bearish
EURJPY is bearish on the long-term outlook. The currency pair was on the bullish trend last two weeks. The market then, closed below $121 price level because the Bears defended the level and the pair could not break up the level. Bears came into the market with increased momentum and the price declined to the demand level of $118 with the formation of a massive strong bearish candle.
The currency pair has penetrated the two EMAs downside and it is trading below the 21 periods EMA and 50 periods EMA; this connotes a strong bearish momentum in the EURJPY market. Continuation of the bears’ pressure may push down the price to penetrate the demand level of $118 and target the demand level of $117. Should the demand of $118 holds, the price may bounce and face the supply level of $119. The Relative Strength Index period 14 is at 40 levels with the signal lines pointing down to indicate a sell signal.
EURJPY medium-term Trend: Bearish
On the 4-hour chart, EURJPY is bearish. On 27 February, EURJPY was bullish before it was reversed after the formation of bearish engulfing candle that emerged. The price decreased to the demand level of $118 after it penetrated the former demand level s of $120 and $119. The price may reverse at the demand level of $118 because the market closed at the just mentioned demand level with a bullish candle.
The 21 periods EMA is crossing downside the 50 periods EMA. The relative strength index period 4 is at 40 levels with the signal line pointing up to indicate a buy signal.
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