EURJPY Price Analysis – April 30
In case the bears increase their pressure, there will be further decrease in price to the support level of $130.7 and this may be penetrated to $129.8 and $129.1 price level. Should the Bulls interrupt the bears, bullish trend may continue and the resistance level of $132.0, $132.4, and $133.2 may be tested.
EURJPY Market
Key Levels:
Resistance levels: $132.0, $132.4, $133.2
Support levels: $130.7, $129.8, $129.1
EURJPY Long-term Trend: Bullish
On the long-term outlook, EURJPY is bullish. On April 22, Euros was weak while US dollar was strong and that is what made the currency pair to obey the bears’ command. On April 20, a bullish engulfing candle formed and this triggered a bullish trend. The price increases to the resistance level of $132.0 after breaking up the $130.7 price level.
Today, bears dominate EURJPY market with formation of bearish engulfing candle. The fast moving average (9 day EMA) is farther away from the slow moving average (21 day EMA) while the price is trading above the two EMAs which indicate that bullish trend is strong. In case the bears increase their pressure, there will be further decrease in price to the support level of $130.7 and this may be penetrated to $129.8 and $129.1 price level. Should the Bulls interrupt the bears, bullish trend may continue and the resistance level of $132.0, $132.4, and $133.2 may be tested. The relative strength index period 14 is bending down at 70 level to indicate sell signal.
EURJPY medium-term Trend: Bearish
On the 4-hour chart, EURJPY is bearish. EURJPY increases last week to the resistance level of $132.0. The price consolidate for some period of time at the mentioned level. The bears’ momentum increases today and the price reduces, moving towards the support level of $130.7.
The two EMAs are coming together as the price is trading in between the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is below 60 levels with the signal line pointing down to indicate a sell signal.
