#EURJPY Price Is Breaking Up $137 Price Level (6 MAY 2022)
EURJPY Price Analysis – May 06
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: $138, $139, $140
Support levels: $137, $136, $135
EURJPY Long-term Trend: Bullish
On the long-term outlook, EURJPY is bullish. Two weeks ago, bears dominated EURJPY market and it was declining towards the $136 support level. Bullish momentum commenced when the bulls defend the just mentioned support level. Last week, there was a consolidation around $137 level. Today, buyers are dominating the market and the resistance level of $137 is broken up and the price is facing $138 level.
The fast moving average (9 day EMA) is crossing the slow moving average (21 day EMA) and the price is trading above the two EMAs which indicate an increase in the bulls’ momentum. In case the bulls increase their pressure, the resistance level of $138 may be broken upside and the bullish momentum may extend to $139 and $140 price level. Should the Bears defend the resistance level of $138, the coin will continue to decrease towards the support level of $137, $ 136 and $135. The relative strength index period 14 is bending up at 60 to indicate buy signal.
EURJPY medium-term Trend: Bullish
On the 4-hour chart, EURJPY is bullish. EURJPY was ranging around $137 zone when the support level of $136 holds. When the double top chart pattern formed on 4-hour time frame. It decreased and tested the support level of $134. The bulls’ pressure is breaking up the $137 resistance level at the moment.
The two EMAs are crossing each other upside. The price is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 64 levels with the signal line pointing up to indicate a buy signal.
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