Opposition of Bullish Trend at $130 Price Level, Bearish Movement Continues – Cryptovibes.com – Daily Cryptocurrency and FX News

EURJPY Price Analysis – October 01

In case the bears’ pressure increase, the price may break down the $128 level and decrease to $127 which may extend to $126. When the support level of $128 holds, price may reverse and face the resistance levels at $129, $130 and $131. However, the relative strength index period 14 is at 40 levels pointing down which indicate sell signal.

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 currency pair was bullish at the beginning of the market last week. The bullish scenario commences when the support level of $128 rejects the bearish trend. The price rebounded and increase to test the resistance level of $130 under the control of the buyers.  The price started decreasing as the sellers’ pressure increases. The bearish momentum pushes the pair to the support level of $129 and currently extending to $128 price level.

EURJPY has crossed the two EMAs downside, which means that the price commenced bearish trend on September 29. The price is trading below the fast moving average (9 day EMA) and the slow moving average (21 day EMA). In case the bears’ pressure increase, the price may break down the $128 level and decrease to $127 which may extend to $126. When the support level of $128 holds, price may reverse and face the resistance levels at $129, $130 and $131. However, the relative strength index period 14 is at 40 levels pointing down which indicate sell signal.

EURJPY medium-term Trend: Bearish

EURJPY is bearish on the 4-hour chart. The currency pair hits the resistance level of $130 on September 28. The mentioned level holds the currency and it could not penetrate the level upside. The price reverse as the bears indicate an increase in pressure with the formation of bearish candles. The price decline and break down the support level of $129. $128 support level is tested. At the moment, it seems the bears’ pressure is becoming weak.

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 turning upside at 20 levels to indicate buy signal.