#EURJPY Price Topped at $139, a Bearish Reversal Movement Envisaged (22 April 2022)

 

EURJPY Price Analysis – April 22

Should the bears increase their pressure, the support level of $138 may be broken downside and the bearish momentum may extend to $137 and $136 price level. In case the Bulls defend the support level of $138, the coin will continue to increase towards the resistance level of $140, and $141.EURJPY Market

Key Levels:

Resistance levels: $139, $140, $141

Support levels: $138, $137, $136

EURJPY Long-term Trend: Bullish

On the long-term outlook, EURJPY is bullish. The bulls increased their pressure, the resistance levels of $137 and $138 was broken upside. The bullish momentum extends to $139 but the bears interrupting the uptrend movement. Today, the price is pulling back; this is shown on the daily chart with the formation of daily bearish candle. USDCHF may experience a bearish reversal at $139 zone.

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 the bulls’ momentum is increasing. Should the bears increase their pressure, the support level of $138 may be broken downside and the bearish momentum may extend to $137 and $136 price level. In case the Bulls defend the support level of $138, the coin will continue to increase towards the resistance level of $140, and $141. The relative strength index period 14 is bending down at 69 to indicate sell signal.

EURJPY medium-term Trend: Bearish

On the 4-hour chart, EURJPY is bearish. EURJPY increased and tested the resistance level of $139 two times last week. The bulls’ pressure fails and the price is currently decreasing towards the support level of $137. 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 54 levels with the signal line pointing down to indicate a sell signal.

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