EURJPY Price Analysis – May 27
Suppose the bulls are able to penetrate the resistance level of $137, price may increase to $138 and $139 levels. When the bears increase their pressure, it may decrease the price to break down $136 level in which it may decrease further to $135 and $134 price levels. However, the relative strength index period 14 is at 52 levels displaying no specific trade direction.
EURJPY Market
Key Levels:
Resistance levels: $137, $138, $139
Support levels: $136, $135, $134
EURJPY Long-term Trend: Ranging
EURJPY is bearish on the long-term outlook. The currency pair is range-bound within $137 and $136 price level. The ranging movement commenced when the price reached $137 level and the bulls found it difficult to break it up. The ranging movement will continues until there is a breakout at $137 or $136 price levels. However, it seems the buyers are exerting more pressure than the sellers.
The price is trading slightly above the fast moving average (9 day EMA) and the slow moving average (21 day EMA). EURJPY has crossed the two EMAs downside, which confirms that the price is on the bearish movement. Suppose the bulls are able to penetrate the resistance level of $137, price may increase to $138 and $139 levels. When the bears increase their pressure, it may decrease the price to break down $136 level in which it may decrease further to $135 and $134 price levels. However, the relative strength index period 14 is at 52 levels displaying no specific trade direction.
EURJPY medium-term Trend: Ranging
EURJPY is on the ranging movement on the 4-hour chart. Ranging movement continues in the EURJPY market. Last week, Bulls were unable to break up the resistance level of $137. The bears’ pressure is equally weak and support level of $136 holds. EURJPY price continue a ranging movement within $137 and $136 levels.
EURJPY is currently trading over and around the 9 periods EMA and 21 periods EMA as an indication of ranging market. However, the relative strength index period 14 is at 53 levels with the signal line parallel to the mentioned level.
