EURJPY Price Tests a Potential — Daily Forex Signals

November 1, 2020 in Forex Signals News

EURJPY Price Tests a Potential

FX NEWS EURJPY Price Analysis — October 30

Daily Forex Signals — The bearish trend tests the support level of $121 today; the breakdown of the just mentioned level will send the price to the low of the year at $120 and $119. In case the bulls defend the support level at $121, the price may reverse and the bulls will take over; price will increase towards the resistance levels at $122, $124, and $125.

EURJPY Market

Key Levels:

Supply levels: $122, $124, $125

Demand levels: $121, $120, $119

EURJPY Long-term Trend: Bearish

EURJPYprice action formed a pennant chart pattern last two weeks in the daily chart, the price continues to range within the pennant chart. The bulls pushed up the price to hit the upper trend line of the chart pattern on October 20. The bears opposed further increase with the formation of the “Top Tweezer” candle pattern. The price falls and breaks out of the pennant chart pattern at the lower trend line of the shape, this led to the breakdown of the support level of $122. The price decline and tests the support level of $121. EURJPY Price Experiences a Bullish Breakout

EURJPY Price Tests a Potential

The price is trading below the two EMAs and the fast period EMA (9) remains below the slow period EMA (21) which shows that the bears are fully in control of the EURJPY market. EURJPY Price Bounces at the Demand Level of $117

The bearish trend tests the support level of $121 today; the breakdown of the just mentioned level will send the price to the low of the year at $120 and $119. In case the bulls defend the support level at $121, the price may reverse and the bulls will take over; price will increase towards the resistance levels at $122, $124, and $125.

EURJPY medium-term Trend: Bearish

EURJPY is under bearish pressure. The currency pair followed the direction of our last week’s prediction. The bears push the price out of the pennant shape at the support level at $122. The support level of $121 is reached today.

The price may reverse at $121as the pair is displaying bearish weakness at the level. EURJPY is trading below the two EMA implies a bearish momentum. The relative strength index period 14 is bending up at 20 levels to indicate a buy signal.

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Originally published at https://www.fxpremiere.com on November 1, 2020.

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Forex Signals by FxPremiere.com

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