EURJPY Price Is Getting Ready for New Lows!
EURJPY Price Is Getting Ready for New Lows! -
EURJPY Price Analysis – April 24
The Price may continue the bearish movement provided the seller increases or maintain their momentum and the price may reach the demand levels of $115, $114, $113. In case the demand level of $115 holds, the price may bounce and face the supply levels of $116, $117, and $118.
Supply levels: $116, $117, $118
Demand levels: $115, $114, $113
EURJPY Long-term Trend: Bearish
EURJPY is bearish in the long-term outlook. The sellers are holding tight to the EURJPY market for more than two weeks. Last week was not an exception; Bears increased their momentum and the former demand level of $116 was broke down and the price exposes to the demand level of $115. Today, the bulls dominate the market and pulled back the price to retest the broken level.
The price continues its trading below the 21 periods EMA and 9 periods EMA with the two EMAs spanned apart which indicate that bears are dominating the market. The relative strength index period 14 is at 45 levels with the signal line pointing up to indicate a buy signal.