#EURJPY Price: Will There Be Further Declination to $136 Level? (9 July 2022)
EURJPY Price Analysis – July 09
Further increase in the bears’ pressure may place the price below the $137 level, which may decline the price to $126 and $135 levels. When there is an increase in the bulls’ pressure, the resistance level of $138 may be broken upside and the bullish momentum may extend to $140 and $142 price level.
Key Levels:
Resistance levels: $138, $140, $142
Support levels: $137, $136, $135
EURJPY Long-term Trend: Bearish
EURJPY is bearish on the long-term outlook. 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. Continuation of bearish movement envisaged if $137 level is penetrated downside.
The fast moving average (9 day EMA) is below the slow moving average (21 day EMA) and the price is trading below the two EMAs which indicate that the bears’ momentum is increasing. Further increase in the bears’ pressure may place the price below the $137 level, which may decline the price to $126 and $135 levels. When there is an increase in the bulls’ pressure, the resistance level of $138 may be broken upside and the bullish momentum may extend to $140 and $142 price level.
EURJPY medium-term Trend: Bearish
On the 4-hour chart, EURJPY is bearish. The price action has formed a bearish chart pattern called double top. The price is following the command of the price action. The currency pair has penetrated the support level of $139, $138 downside and it is currently testing $137 level.
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