EURJPY Price Analysis – September 24
In case the bulls’ pressure increase, the price may cross the $129 level and increase to $130 which may extend to $131 and $132. When the resistance level of $129 holds, price may reverse and face the support levels at $129, $128 and $127.
Resistance levels: $130, $131, $132
Support levels: $129, $128, $127
EURJPY Long-term Trend: Bullish
EURJPY is bullish on the long-term outlook. The currency pair was under the control of the sellers for the past two weeks. The price was decreasing as the sellers’ pressure increases. The bearish momentum pushes the pair to the support level of $128 on September 21. The bears’ pressure failed and the bulls gain enough momentum to propel the price towards north side. The former resistance level of $29 has been penetrated upside, the currency is currently penetrating $129 level upside.
EURJPY has crossed the two EMAs upside, which means that the price has commenced bullish trend. The price is trading above the fast moving average (9 day EMA) and the slow moving average (21 day EMA). In case the bulls’ pressure increase, the price may cross the $129 level and increase to $130 which may extend to $131 and $132. When the resistance level of $129 holds, price may reverse and face the support levels at $129, $128 and $127. However, the relative strength index period 14 is above 50 levels pointing up which indicate buy signal.
EURJPY medium-term Trend: Bullish
EURJPY is bullish on the 4-hour chart. At the initial stage of the trading last week, EURJPY decreases and found support at $128 zone. The price action formed a long “W” chart pattern. It is a bullish signal. The price increases and cross $129 level. Further price increase envisaged as the price is crossing a significant level.
EURJPY is trading above the 9 periods EMA and 21 periods EMA as an indication of bullish trend. The relative strength index period 14 is above 60 levels with the signal line pointing up to indicate buy signal.