EURJPY Price Analysis – November 13
Further price decrease envisaged provided the bears increase their pressure and penetrate the dynamic support level downside, $123 level may be tested. Below $123 level are $121, and $120. In the case of the dynamic support level hold, the price may continue the bullish trend towards $125, and the $126 resistance level provided $124 level do not hold.
EURJPY Market
Key Levels:
Supply levels: $124, $125, $126
Demand levels: $123, $121, $120
EURJPY Long-term Trend: Bearish
The currency pair is bearish in the daily chart. The bullish momentum in EURJPY’s market that commenced on November 03 pushes up the pair to test the resistance level of $125 last week. The bulls could not sustain the pressure at $125. It was pulled down by the bears to a $124 price level where the bears took over the market. Since the beginning of this week, the pair has been declining towards the support level of $121.
The currency pair is gradually decreasing to break down the dynamic support levels. The price action formed a descending channel in which the price is trading. Further price decrease envisaged provided the bears increase their pressure and penetrate the dynamic support level downside, $123 level may be tested. Below $123 level are $121, and $120. In the case of the dynamic support level hold, the price may continue the bullish trend towards $125, and the $126 resistance level provided $124 level do not hold.
EURJPY medium-term Trend: Bearish
EURJPY is bearish in the 4-hour chart. The price action has formed a descending channel. The price had a fake breakout on November 11 but the breakout candle ends with the formation of an inverted pin bar. That is a bearish reversal signal; the price decreases and penetrates the two dynamic support levels downside.
More pressure from the sellers may decrease the price to the $121 level. However, The relative strength index period 14 is bending down to indicate a sell signal.
