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Second Test of $130.7 Resistance Level May Lead to a Bearish Reversal Trend – Cryptovibes.com – Daily Cryptocurrency and FX News

Second Test of $130.7 Resistance Level May Lead to a Bearish Reversal Trend – Cryptovibes.com – Daily Cryptocurrency and FX News


 EURJPY Price Analysis – April 09

Once the bulls increase their pressure and are able to penetrate the resistance level of $130.7, then, the resistance levels at $131.2 and $1333 may be tested. Should the Bears continue to defend the resistance level of $130.7, the support level of $129.8, $129.1 and $128.2 may be faced by the bears.

EURJPY Market

Key Levels:

Resistance levels: $130.7, $131.2, $133

Support levels: $129.8, $129.1, $128.2

 

EURJPY Long-term Trend: Bullish

EURJPY is bullish on the long-term outlook. There was no significant price increase or decrease in EURJPY market last week. The currency pair was bearish two weeks ago. The bullish movement commences when the bears’ pressure placed the price at the support level of $128.2. The price bounces up from that level and increases to break up the resistance levels at $129.1 and $129.8. EURJPY is currently under the bullish pressure testing the resistance level at $130.7.

EURJPY Daily chart, April 09

The fast moving average (9 day EMA) remains above the slow moving average (21 day EMA) and the price is trading above the two EMAs which indicate that bulls still dominate EURJPY market.  Once the bulls increase their pressure and are able to penetrate the resistance level of $130.7, then, the resistance levels at $131.2 and $1333 may be tested. Should the Bears continue to defend the resistance level of $130.7, the support level of $129.8, $129.1 and $128.2 may be faced by the bears. The relative strength index period 14 is bending up at 70 to indicate buy signal.

 EURJPY medium-term Trend: Bullish

On the 4-hour chart, EURJPY is bullish. The price action of the currency pair may form a double top chart pattern; the price tested the resistance level at $130.7 on April 07. It carried out a price retracement towards the support level at $129.8. On April 08, a strong bullish engulfing candle emerges and price increase towards $130.7 for second touch.

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EURJPY 4-hour chart, April 09

The price is trading above 9 periods EMA and 21 periods EMA and the relative strength index period 14 is at 60 levels with the signal line pointing up to indicate a buy signal.



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