EURJPY Price Analysis – September 12
The resistance level at $126 may be broken upside provided the bulls increase their momentum and the price will be aiming the high of $127 and $128 level. In case the bulls’ momentum weakens and unable to break up the $126 level, then, the price may resolve to range movement.
Supply levels: $126, $127, $128
Demand levels: $125, $124, $122
EURJPY Long-term Trend: Bullish
On the long-term trend, EURJPY is bullish. The war between the bulls and the bears become stronger last week; at the beginning of last week, the bears dominate the market with strong momentum and the price decreased to the demand level of $124. On September 09, the bulls tried to recover the ground covered by the bears. The EURJPY market eventually closed with the price moving towards $126 level above the dynamic resistance level.
EURJPY is trading above the two EMAs with the 9 periods EMA trying to cross above the 21 periods EMA; this is an indication that the bulls may continue to dominate the market. The resistance level at $126 may be broken upside provided the bulls increase their momentum and the price will be aiming the high of $127 and $128 level. In case the bulls’ momentum weakens and unable to break up the $126 level, then, the price may resolve to range movement. However, the support levels to watch out for are; $125, $124, and $122 price levels.
EURJPY medium-term Trend: Bullish
EURJPY was bearish last week. The price increased later to test the resistance level at $126 on September 10. The price retraced and tested the demand level at $125. The level holds the price and it increases towards $126 price level.
The two EMAs are separated from each other and the price is trading above 9 periods EMA and 21 periods EMA which indicates an increase in the bullish momentum. Meanwhile, the relative strength index period 14 is at 50 levels indicating a buying signal.