EURJPY Price Analysis – May 01
When the Price breaks up the supply level of $117, it will be aiming at the supply level of $118 and $119. In case the supply level of $117 holds and the bears increase their momentum to penetrate the demand level of $116, it will be targeting the demand level of $115 and $114.
Supply levels: $117, $118, $119
Demand levels: $116, $115, $114
EURJPY Long-term Trend: Bearish
EURJPY is bearish in the long-term outlook. Sellers continue to dominate the market as it was predicted last week. The price reached the demand level of $115 on April 29. A strong massive bullish candle emerged on 30th April; this candle returned the price to retest the supply level of $117. The bullish momentum penetrates the level and pulled back.
The bullish candle that emerged on April 30 made the price to penetrate the two EMAs upside and EURJPY is slightly trading above the 9 periods EMAs and the 21 periods EMA. The two EMAs are spanned apart which indicates that the bulls are increasing their momentum. When the Price breaks up the supply level of $117, it will be aiming at the supply level of $118 and $119. In case the supply level of $117 holds and the bears increase their momentum to penetrate the demand level of $116, it will be targeting the demand level of $115 and $114. 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 currency pair was under the control of the bears last week, the bulls gained more momentum and the price level of $116 was penetrated upside. The price increases towards the supply level of $117 where it is currently consolidating.
The price is trading above the 21 periods EMA and 9 periods EMA with the two EMAs spanned apart which indicate that the bulls are dominating the market. The relative strength index period 14 is above 60 levels with the signal line pointing up to indicate a buy signal.
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