EURJPY Price Analysis – June 12
The inability to break down the demand level of $120 by the bears may lead to the bouncing of the price and bullish trend may continue. In case the bears exert more pressure, the demand level of $120 may not hold and the price will be exposed to $119 – $123.
Supply levels: $121, $122, $123
Demand levels: $120, $119, $118
EURJPY Long-term Trend: Bearish
EURJPY is bearish on the long-term outlook. The currency pair was under the bullish pressure for more than two weeks. The bullish momentum pushed up the price and the supply levels of $$121, $122, and $123 were penetrated to the upside. An evening Doji candle pattern was formed at the supply level of $123; this is a bearish reversal candle pattern. This candle pattern triggered the downtrend of the price towards the demand level of $120.
EURJPY is currently trading between the two EMAs in which the 9 period EMA is above the 21 period EMA which implies that the bears’ momentum is increasing. The inability to break down the demand level of $120 by the bears may lead to the bouncing of the price and bullish trend may continue. In case the bears exert more pressure, the demand level of $120 may not hold and the price will be exposed to $119 – $123. The Relative Strength Index period 14 is at 60 levels with the signal lines pointing down which indicates a sell signal.
EURJPY medium-term Trend: Bearish
On the 4-hour chart, EURJPY is bearish. The price increases by breaking up the supply levels of $121 and $123. It moved up to $123 levels and started consolidating due to low momentum from the bears and bulls.
The price is trading below the 21 periods EMA and 9 periods EMA. The relative strength index period 14 is at 40 levels with the signal line pointing downside to indicate a sell signal.
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