#EURJPY Price Commences a Bearish Trend (24 June 2022)
EURJPY Price Analysis – June 24
Should the Bears defend the resistance level of $142, the price will continue to decrease towards the support level of $140, $138 and $137. When there is an increase in the bulls’ pressure, the resistance level of $142 may be broken upside and the bullish momentum may extend to $144 and $146 price level.
Key Levels:
Resistance levels: $142, $144, $146
Support levels: $140, $138, $137
EURJPY Long-term Trend: Bullish
EURJPY is bullish on the long-term outlook. The bulls have made the price to retest the resistance level of $144 on 22 June. This is the second time when the mentioned resistance levels is tested. The first time was on 08 June, the price pulled back and retest the support level of $138. The big daily bearish candle emerged yesterday which indicate that bears are ready to take over the market. There is possibility for the price to decline next week.
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 defend the resistance level of $142, the price will continue to decrease towards the support level of $140, $138 and $137. When there is an increase in the bulls’ pressure, the resistance level of $142 may be broken upside and the bullish momentum may extend to $144 and $146 price level. The relative strength index period 14 is bending up at 58 to indicate buy signal.
EURJPY medium-term Trend: Bearish
On the 4-hour chart, EURJPY is bearish. The currency pair has formed a double chart pattern after EURJPY increased and tested the resistance level of $144. The bulls’ pressure fails and the price decline towards the support level of $139. The price is currently pulling back to retest the broken level.
The two EMAs have crossed each other downside. The price is trading between the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 53 levels with the signal line pointing up to indicate a buy signal.
0 comments:
Post a Comment