EURJPY Price Analysis – November 21
The increase in the bearish momentum will decrease the price further to the support level of $123. The breakdown of the $123 level will expose the price to the $121 and $120 support level. In case the bearish momentum fails to break down the $123 level, then, the price will bounce and face the resistance levels of $124, $121, and $120.
EURJPY Market
Key Levels:
Supply levels: $124, $125, $126
Demand levels: $123, $121, $120
EURJPY Long-term Trend: Bearish
EURJPY remains under the control of the bears; the price hits the resistance level of $124 last two weeks. The currency pair could not penetrate the mentioned level. The bearish candles emerge and the price is descending towards the support level of $121. The momentum of the bears is increasing and the price is decreasing accordingly. The market closed yesterday with a daily bearish candle indicates that EURJPY may decrease further.
The currency pair has crossed the 9 periods EMA and 21 periods EMA downside and the former is trying to cross the latter; this is an indication that bears are dominating the EURJPY market. The increase in the bearish momentum will decrease the price further to the support level of $123. The breakdown of the $123 level will expose the price to the $121 and $120 support level. In case the bearish momentum fails to break down the $123 level, then, the price will bounce and face the resistance levels of $124, $121, and $120.
EURJPY medium-term Trend: Bearish
EURJPY is bearish in the 4-hour chart. The price continues to trade within the descending channel formed. The price bounces off the resistance level of $124 and the price is declining towards the support level of $121.
In the 4-hour chart above, more pressure received from the sellers is decreasing EURJPY towards the support level of $121 level. The price is trading below the two dynamic support levels and the relative strength index period 14 is bending down to indicate a further price reduction.
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