#EURJPY Price: $137 Support Level Holds, Pullback Envisaged (15 JULY 2022)
EURJPY Price Analysis – July 15
Further increase in the bulls’ pressure may place the price above the $139 level, which may incline the price to $140 and $141 levels. When there is an increase in the bears’ pressure, the support level of $137 may be broken downside and the bearish momentum may extend to $136 and $135 price level.
Key Levels:
Resistance levels: $139, $140, $141
Support levels: $137, $136, $135
EURJPY Long-term Trend: Bullish
EURJPY is bullish on the long-term outlook. The bears were in control of the market last week. The double top chart pattern formed at the resistance level of $144 is responsible for the fallen of EURJPY price. The price broke down the former support level of $142, $140 and $138. The support level of $137 is tested and penetrated but the bears have no enough momentum to sustain the breakout. It pulled back. The support level of $137 holds and could not be broken downside, the price is currently pulling back at the moment.
The fast moving average (9 day EMA) remains below the slow moving average (21 day EMA) and the price is trading between the two EMAs which indicate that the bears’ momentum is decreasing. Further increase in the bulls’ pressure may place the price above the $139 level, which may incline the price to $140 and $141 levels. When there is an increase in the bears’ pressure, the support level of $137 may be broken downside and the bearish momentum may extend to $136 and $135 price level.
EURJPY medium-term Trend: Bullish
On the 4-hour chart, EURJPY is bullish. When the price action formed a bearish chart pattern called double top. The price follows the command of the price action. The currency pair has penetrated the support level of $139, $138 downside and it is currently pulling back at $137 level.
The two EMAs have crossed each other upside. The price is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 63 levels with the signal line pointing up to indicate a buy signal.
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