EURJPY Price Analysis – July 03
The price is already exposed to the supply level of $121 which may be penetrated and aiming at $122 and $123 price levels. Should the bulls’ momentum become weak and unable to break up the level, the price may reverse and target the demand levels of $120, $119, and $123.
EURJPY Market
Key Levels:
Supply levels: $121, $122, $123
Demand levels: $120, $119, $118
EURJPY Long-term Trend: Bullish
EURJPY is bullish on the long-term outlook. The sellers were in control of the EURJPY market for many weeks after the formation of the evening star candle pattern on 03 June. The price reached the demand level of $118 price level. A bullish engulfing candle emerged and the price slowly increases6 to test the supply level of $121 and the price retraced.
EURJPY is trading close to the 9 periods EMA and 21 periods EMA in which the two EMAs are not far apart from each other which indicates low momentum in the EURJPY market. The price is already exposed to the supply level of $121 which may be penetrated and aiming at $122 and $123 price levels. Should the bulls’ momentum become weak and unable to break up the level, the price may reverse and target the demand levels of $120, $119, and $123. The Relative Strength Index period 14 is around 60 levels with the signal lines parallel to the level as a sign of consolidation.
EURJPY medium-term Trend: Ranging
EURJPY is ranging on the 4-hour chart. The bulls’ momentum is not able to penetrate the supply level of $121. Likewise, the bears’ pressure is weak and the demand level of $120 hold the price. This scenario led to price consolidation within the range.
The 9 periods EMA is interlocked with 21periods EMA while the price is trading over and around the two EMAs which indicates that consolidation is in progress. The relative strength index period 14 is at 50 levels with no specific direction which connotes that a ranging movement may continue.
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