EURJPY Price Analysis – October 22
Further increase in the bulls’ pressure will increase the price to $133 level in which if it is broken may extend to $134 and $135 price levels. In case the resistance level of $133 holds, price may reverse and face the support levels at $132, $131 and $130
EURJPY Market
Key Levels:
Resistance levels: $133, $134, $135
Support levels: $132, $131, $130
EURJPY Long-term Trend: Bullish
EURJPY is bullish on the long-term outlook. The currency bounces up at the support level of $129 on October 08. The pair soars higher after broken up the resistance levels of $130 and $131. The bullish movement extends to $133 level. The bears dominated the market yesterday and the price pulled back. Today, it seems the bulls are ready to take over the market.
EURJPY has crossed the two EMAs upside, which confirms that the price is on the bullish trend. The price is trading above the fast moving average (9 day EMA) and the slow moving average (21 day EMA). Further increase in the bulls’ pressure will increase the price to $133 level in which if it is broken may extend to $134 and $135 price levels. In case the resistance level of $133 holds, price may reverse and face the support levels at $132, $131 and $130. However, the relative strength index period 14 is at 70 levels pointing up which indicate buy signal.
EURJPY medium-term Trend: Bullish
EURJPY is bullish on the 4-hour chart. EURJPY broke up the significant resistance level at $132 last week after it penetrated $130 and $131 resistance levels. The price increases towards the resistance level of $133. The price is currently pulling back, testing $132 level. Bulls are trying to restore the price back to upward trend.
EURJPY is currently trading below the 9 periods EMA and 21 periods EMA as an indication of bearish movement which may be a pullback. However, the relative strength index period 14 is above 50 levels with the signal line pointing up to indicate buy signal.
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Rehana William |Financial Consultant _Forex_Gold Xauusd| Fund Manager 