#EURJPY Price: In Case Bulls Defend $136 Level, Price May Rise (29 JULY 2022)
EURJPY Price Analysis – July 29
In case the bears are able to penetrate the support level of $136, price may decrease to $135 and $134 levels. When the bulls increase their pressure, it may increase the price to break up $137 level in which it may extend to $138 and $139 price levels
EURJPY Market
Key Levels:
Resistance levels: $137, $138, $139
Support levels: $136, $135, $134
EURJPY Long-term Trend: Bearish
EURJPY is bearish on the long-term outlook. The currency pair was bullish last week and the price increased to $142 level. The bears prevailed on July 21 as the support level of $139 was penetrated downside and the price decline to test $138 price level. Bulls reacted against this price declination and price pulled back and retested $139 level. On July 28, Sellers gained enough momentum and push the price below $137.
The price is trading below the fast moving average (9 day EMA) and the slow moving average (21 day EMA). EURJPY has crossed the two EMAs downside, which confirms that the price is on the bearish movement. In case the bears are able to penetrate the support level of $136, price may decrease to $135 and $134 levels. When the bulls increase their pressure, it may increase the price to break up $137 level in which it may extend to $138 and $139 price levels. However, the relative strength index period 14 is at 37 levels pointing down which indicate sell signal.
EURJPY medium-term Trend: Bearish
EURJPY is on the bearish movement on 4-hour chart. Last week, EURJPY price was under the control of bulls’ momentum. The resistance level of $142 opposed the movement of the bulls. The price falls and tested the support level of $138. Since then, price has been decreasing towards $136 level.
EURJPY is currently trading below the 9 periods EMA and 21 periods EMA as an indication of bearish market. However, the relative strength index period 14 is at 32 levels with the signal line pointing down to indicate sell signal.
0 comments:
Post a Comment