EURJPY Price Analysis – March 13
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 level of $118 holds, the price may bounce and face the supply level of $119.
Supply levels: $117, $118, $119
Demand levels: $116, $113, $112
EURJPY Long-term Trend: Bearish
EURJPY is bearish on the long-term outlook. EURJPY remain under the bearish momentum. The price bottomed at the demand level of $116 on 09 March. The bearish momentum was unable to break down the demand level of $116. Following the scenario is the formation of strong bullish candle that pushed up the price towards the supply level of $119. The price was resisted by the dynamic resistance level of 21 periods EMA. The price declined to retest the previous low of demand level of $116.Today, another daily bullish candle opens the market.
The currency pair remains below the two EMAs and it is trading below the 21 periods EMA and 50 periods EMA which indicate that bears are holding the EURJPY market. Breaking up the supply level of $117 and the daily candle closes above the $117; the price may increase to $1198 – $119 price level. In case there is an interruption by the Bears, there may be price consolidation. The Relative Strength Index period 14 is above 40 levels with the signal lines pointing up to indicate a buy signal.
EURJPY medium-term Trend: Bearish
On the 4-hour chart, EURJPY is bearish. The currency pair has formed a “W” chart pattern with the formation of double bottom. There is possibility that the price may increase to the resistance level of $119 provided the resistance levels of $117 and $118 does not hold.
The price is trading below the 21 periods EMA and 50 periods EMA with direct touch to 21 periods EMA.
The relative strength index period 14 is above 40 levels with the signal line pointing up to indicate a buy signal.
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