Forex Signals — EURJPY Price Sell-off at $118 Zone Searches for Support

forex signals EURJPY Price Sell-off at $118 Zone Searches for Support -

EURJPY Price Analysis — May 22

The price is currently retesting the broken level; further increase in the bears’ pressure may return the price to the previous low of $113. In case the demand level of $116 holds or the dynamic support level of the two EMAs holds the price, the bullish trend may continue.

EURJPY Market

Key Levels:

Supply levels: $117, $118, $119
Demand levels: $116, $113, $112

EURJPY Long-term Trend: Bullish

On the long-term outlook, EURJPY is bullish. EURUSD was under a strong bearish pressure a few weeks ago trading within the descending channel. The currency pair found support at the $113 price level on 06 May. It bounced from the level and rallied towards the supply level of $116. The just mentioned level could not hold the price. A strong and massive daily candle emerged and breaks up the former supply level of $116. The bullish momentum extends to the supply level of $117 and it was penetrated and pushed up to $118. The Bears defended $118 price level and the price reversed.

EURUSD is trading above the 9 periods EMA and 21 periods EMA. The two EMAs are well separated which indicates that the bulls are still holding the market. The price is currently retesting the broken level; further increase in the bears’ pressure may return the price to the previous low of $113. In case the demand level of $116 holds or the dynamic support level of the two EMAs holds the price, the bullish trend may continue. The Relative Strength Index period 14 is above 50 levels with the signal lines bending down which indicates a sell signal.

EURJPY medium-term Trend: Bullish

On the 4-hour chart, EURJPY is bullish. EURJPY was trading within the descending channel. Last week, the bulls gained more momentum and the price increased to break up the $116 and $117 price level. It made an attempt to test the supply level of $118 but interrupted by the Bears. The price is currently trading below $117 price level.

The price is trading below the 21 periods EMA and 9 periods EMA. The relative strength index period 14 is at 40 levels with the signal line pointing down to indicate a sell signal.

Join our 21,345 Subscribers Forex Signal Packages!! Please note:Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Originally published at https://forexsignals.biz on May 23, 2020.