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EURJPY Price Analysis – December 31
The bears are trying to retest the broken resistance level of $126, breaking it down will push the price to $124 which may eventually place the price at $122. Should the bulls defend the $126 price level, it may reverse and increase to the resistance level of $128, $131, and $138.
EURJPY Market
Key Levels:
Supply levels: $128, $131, $138
Demand levels: $126, $124, $122
EURJPY Long-term Trend: Bullish
EURJPY is bullish in the daily chart. The bullish momentum has pushed the price to test the resistance level at $126; this leads to the formation of an arc shape. The currency pair commenced a consolidation movement at the $126 price level on December 03 after the formation of an arc chart pattern. On December 28, the bulls were able to accumulate more pressure to break up the resistance level of $126. The price increases towards the resistance level of $128 after passing through the $126 level. The price is currently retesting the former resistance level of $126.
The currency pair has crossed the two EMAs upside as an indication of the bullish movement. The pair is trading above the 9 periods EMA and 21 periods EMA. The bears are trying to retest the broken resistance level of $126, breaking it down will push the price to $124 which may eventually place the price at $122. Should the bulls defend the $126 price level, it may reverse and increase to the resistance level of $128, $131, and $138.
EURJPY medium-term Trend: Bullish
The price is under the control of the bulls’ pressure, the price increases to the resistance level of $126. The price increases as the bulls’ momentum increases. The key resistance level of $126 was penetrated and the price increases towards the $128 level. The price pulls back as a normal phenomenon in a trending market. The bears are currently making effort to penetrate downside the $126 price level.
The price is trading below the two dynamic support levels and the relative strength index period 14 is bending down to indicate a sell signal which may be a pullback.
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