Euro May Resume Uptrend vs Japanese Yen In case $115 Support Hold
Euro May Resume Uptrend vs Japanese Yen In case $115 Support Hold
EURJPY Price Analysis – May 08
The bulls may break up the supply level of $116 provided their momentum increased and the price will be targeting the supply levels of $117 and $118. In case the supply level of $116 is defended by the bears, then, the bullish trend may continue and the price will be aiming the low of $115, $113, and $112.
EURJPY Market
Key Levels:
Supply levels: $116, $117, $118
Demand levels: $115, $113, $112
EURJPY Long-term Trend: Bearish
EURJPY is bearish in the long-term outlook. On May 01, the price found resistance at the supply level of $117. A bearish candle pattern formed called evening star; this increased the sellers’ momentum and the price declined towards the demand level of $113 after it penetrated the price level of $116 to the downside. It tested the demand level of $113 on May 07. The price may reverse at just the mentioned level.
The bulls may break up the supply level of $116 provided their momentum increased and the price will be targeting the supply levels of $117 and $118. In case the supply level of $116 is defended by the bears, then, the bullish trend may continue and the price will be aiming the low of $115, $113, and $112. The Relative Strength Index period 14 is at 40 levels with the signal lines pointing up which indicates buy signal.
EURJPY medium-term Trend: Bearish
On the 4-hour chart, EURJPY is bearish. On the medium chart, EURJPY has formed a downward wedge. The bulls managed to push the price to the supply level of $117 and that is where the upper trend line is found. It bounces off the level and decreased to test the lower trend line. The currency pair was unable to break down the demand level of $113 but currently reversing.
