EURJPY Price Analysis – March 27
An increase in the Bears’ momentum may return the price to a previous low of $117 price level in a case $117 and $118 price level does not hold. On the upside, the resistance levels EURJPY will be targeting are $120, $121 and $122.
Supply levels: $120, $121, $122
Demand levels: $119, $118, $117
EURJPY Long-term Trend: Bullish
EURJPY is bullish in the long-term outlook. EURJPY was on the ranging mode last week within the supply level of $118 and the demand level of $117. There was a bullish breakout at the supply level of $118 on March 23. The price increased above the supply level of $120 after it broke up the supply levels of $119 and $121. It moves towards the supply level of $121, the bears interrupted the increase and the price pulled back to retest the $119 price level.
The 9 periods EMAs have crossed the 21 periods EMA upside and the price is trading above the two EMAs which indicate that the Bulls are in control of the EURJPY market. An increase in the Bears’ momentum may return the price to a previous low of $117 price level in a case $117 and $118 price level does not hold. On the upside, the resistance levels EURJPY will be targeting are $120, $121 and $122. The Relative Strength Index period 14 is above 50 levels with the signal lines pointing down which indicates sell signal.
EURJPY medium-term Trend: Bullish
On the 4-hour chart, EURJPY is bullish. The bulls took over the EURJPY market on March 23, the bullish momentum propelled the price towards the supply level of $121. The price retraced to retest the demand level of $119. The bulls are currently returning to the market with the formation of the bullish candle.
The price is trading over and around the 21 periods, EMA and 9 EMA periods EMA with the two EMAs interlocked to each other as a sign of consolidation. The relative strength index period 14 is above 50 levels with the signal line pointing up to indicate a buy signal.
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