EURJPY Price Analysis – September 17
A Further increase in bears’ pressure will decrease the price to $128 which may extend to $127 and $126. When the resistance level of $128 holds, price may reverse and face the resistance levels at $129, $130 and $131.
EURJPY Market
Key Levels:
Resistance levels: $129, $130, $131
Support levels: $128, $127, $126
EURJPY Long-term Trend: Bearish
EURJPY is bearish on the long-term outlook. The buyers picked up the price at the support level of $127 on 20 December. Price increased and opposed at $131 level. The sellers opposed the price at $131 level and they were having their good time on the EURJPY market for more than seven days. It seems the bears’ pressure is getting weak as the bulls resisting further price declination in the market today.
EURJPY has crossed the two EMAs downside, which means that the price may continue a bearish trend. The price is trading below the fast moving average (9 day EMA) and the slow moving average (21 day EMA). A Further increase in bears’ pressure will decrease the price to $128 which may extend to $127 and $126. When the resistance level of $128 holds, price may reverse and face the resistance levels at $129, $130 and $131. The relative strength index period 14 is at 40 levels pointing down to indicate sell signal.
EURJPY medium-term Trend: Bearish
EURJPY is bearish on the 4-hour chart. EURJPY found support at $127 zone after many days of bearish movement which commenced at $133 resistance level on October 20. The price has been displaying lower highs lower lows movement since the commencement of the bearish movement. The currency pair changed direction to bullish on December 20. It hits the resistance level of $131 and starts a bearish movement.
EURJPY is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish trend. The relative strength index period 14 is at 40 levels with the signal line pointing down to indicate sell signal.
