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Forex Signals – EURJPY Price Break at $120 Supply Level

Forex Signals – Eurjpy Price Break at $120 Supply Level – FxPremiere.com

EURJPY Price Analysis – June 27

The price may increase to the previous high in case the bulls gain more momentum and break up the supply level of $120, then, $121 and $122 supply levels may be reached. On the other hand, should the bears prevail over the bulls, the demand level of $119 may not stand and the price may decrease further to $118 and $117 demand levels.

EURJPY Market

Key Levels:

Supply levels: $120, $121, $122

Demand levels: $119, $118, $117

EURJPY Long-term Trend: Bearish

EURJPY is bearish on the long-term outlook. On 23 June, the EURJPY price was heading towards the supply level of $121. The bulls’ momentum became weak; this is seen clearly on the daily chart with the long-tailed daily candle. The price dropped slowly to test the demand level of $119. The market eventually closed with a daily Doji candle.

Forex Signals EURUSD Price Hits Resistance

Forex Signals - EURJPY Price Break at $120 Supply Level

The two EMAs are closely placed side by side which indicates low volatility in the EURJPY market. The currency pair is trading in between the 9 periods EMA and 21 periods EMA which indicates that the bears and the bulls have low momentum. The price may increase to the previous high in case the bulls gain more momentum and break up the supply level of $120, then, $121 and $122 supply levels may be reached. On the other hand, should the bears prevail over the bulls, the demand level of $119 may not stand and the price may decrease further to $118 and $117 demand levels. The Relative Strength Index period 14 is at 50 levels with the signal lines showing no specific direction. Traders may exercise patience for clear direction before placing order.

 EURJPY medium-term Trend: Bearish

EURJPY is bearish on the 4-hour chart. The downward trend started a few days ago on the 4-hour chart continues. The price was decreasing steadily at a slow rate within the descending channel formed. The demand level of $119 was tested with the formation of a Dragonfly Doji candle; this may result to increase in price.

Various Indicators

Forex Signals - EURJPY Price Break at $120 Supply Level
The price is trading on the 9 periods EMA and 21periods EMA while the two EMAs are interlocked, which indicates that consolidation is in progress. However, the relative strength index period 14 is at 50 levels with the signal line pointing downside to indicate a sell signal.
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The post Forex Signals – EURJPY Price Break at $120 Supply Level appeared first on Daily Forex Trading Signls.



This post first appeared on Forex Signals Learning, please read the originial post: here

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