EURJPY Price Analysis – April 10
The breakup of the supply level of $118 will expose the price to the supply level of $119 and $120. On the downside, the price will be targeting the demand level of $117, $116 and $115 provided the bears gain more pressure.
Supply levels: $118, $120, $121
Demand levels: $117, $116, $115
EURJPY Long-term Trend: Bullish
EURJPY is bullish in the long-term outlook. EURJPY bounced off the supply level of $121 on March 26. The bearish movement bottomed the price at the demand level of $116 on April 02.
A morning star candle pattern was formed; this is a bullish reversal candle pattern. The bullish momentum increased and this led to the increase in EURJPY price. Today, a daily bullish candle opens the market, the price moving up to break up the $118 price level.
The currency broke up the 9 periods EMAs while the 21 periods EMA remains; that is, the price is in between the two EMAs. The breakup of the supply level of $118 will expose the price to the supply level of $119 and $120. On the downside, the price will be targeting the demand level of $117, $116 and $115 provided the bears gain more pressure. The Relative Strength Index period 14 is at 50 levels with the signal lines pointing up which indicates buy signal.
EURJPY medium-term Trend: Bullish
On the 4-hour chart, EURJPY is bullish. The price is about to complete a “W” pattern on the 4-hour chart. The price bounced from the demand level of $116 and rally towards the supply level of $118. The price is consolidating at the level currently.
The price is trading above the 21 periods EMA and 9 periods EMA periods with the two EMAs spanned apart which indicate bullish momentum. The relative strength index period 14 is at 60 levels with the signal line parallel to the level to indicate consolidation.
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