#EURJPY Price: Double Top Formation at $139 May Trigger Bearish Momentum (29 April 2022)

Posted by Clara Mellor on 11:05 with No comments

 

EURJPY Price Analysis – April 29

In case the bears increase their pressure, the support level of $136 may be broken downside and the bearish momentum may extend to $135 and $134 price level. Should the Bulls defend the support level of $136, the coin will continue to increase towards the resistance level of $137, $ 138 and $139

Key Levels:

Resistance levels: $137, $138, $139

Support levels: $136, $135, $134

EURJPY Long-term Trend: Bearish

On the long-term outlook, EURJPY is bearish. Last week, bullish momentum increased, the resistance levels of $137 and $138 was penetrated upside. The bullish momentum increased the price to $139 but the bears opposed the uptrend movement. The support level of $134 was tested. Today, the bears are returning in to the market as it is shown on the daily chart with the formation of daily bearish candle.

The fast moving average (9 day EMA) remains above the slow moving average (21 day EMA) and the price is trading below the two EMAs which indicate an increase in the bears’ momentum. In case the bears increase their pressure, the support level of $136 may be broken downside and the bearish momentum may extend to $135 and $134 price level. Should the Bulls defend the support level of $136, the coin will continue to increase towards the resistance level of $137, $ 138 and $139. The relative strength index period 14 is bending down at 55 to indicate sell signal.

EURJPY medium-term Trend: Bearish

On the 4-hour chart, EURJPY is bearish. EURJPY formed double top chart pattern on 4-hour time frame. It increased and tested the resistance level of $139 two times. The bulls’ pressure could not break up the mentioned level. There is possibility for further price declination which may be a bearish price reversal.

The two EMAs are crossing each other. The price is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 48 levels with the signal line pointing down to indicate a sell signal.

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