EURJPY Price Analysis – April 17
The Price may bounce at the demand level of $116 should the level hold and aim at the supply levels of $117, $118 and $120. The breakdown of the $116 demand level will reduce the price to $115 and $114 price level.
Supply levels: $117, $118, $120
Demand levels: $116, $115, $114
EURJPY Long-term Trend: Bearish
EURJPY is bearish in the long-term outlook. The Bears interrupted the bullish movement that took place last week. The supply level of $118 holds the price, followed by the formation of a strong bearish engulfing candle. The price penetrated the $117 price level downside, currently exposed to the demand level of $116.
EURJPY broke down the 9 periods EMAs and the 21 periods EMA. The price is trading below the two EMAs which indicate that the bears are taking over the market. The Price may bounce at the demand level of $116 should the level hold and aim at the supply levels of $117, $118 and $120. The breakdown of the $116 demand level will reduce the price to $115 and $114 price level. The Relative Strength Index period 14 is at 40 levels with the signal lines pointing up which indicates buy signal.
EURJPY medium-term Trend: Bearish
On the 4-hour chart, EURJPY is bearish. EURJPY tested the supply level of $118 and bounces off the level. The bears used the opportunity to gain more pressure to push down the price. The price broke down the $117 demand level and it is testing the demand level of $116 second time to form double bottom.
The price is trading below the 21 periods EMA and 9 periods EMA with the two EMAs spanned apart which indicate that bears are dominating the market. The relative strength index period 14 is at 40 levels with the signal line pointing up to indicate a buy signal.
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