EURJPY Price May Bounce Off at Resistance Level of $127 – Cryptovibes.com – Daily Cryptocurrency and FX News

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EURJPY Price Analysis – February 13

An increase in the Bulls’ momentum may break up the resistance level of $127, in which the price level of $128 will be exposed. Should the Bears defend the resistance level of $127, the bulls may break down the $126 price level and expose the support level of $125 and $124.

EURJPY Market

Key Levels:

Supply levels: $127, $128, $131

Demand levels: $126, $125, $124

 

EURJPY Long-term Trend: Bullish

EURJPY is bullish in the long-term outlook. Last two weeks, EURJPY was bearish. The bears’ momentum pushed down the price below the support level of $126 after it tested the resistance level of $127. The support level of $126 holds the price. On 05 February, the bulls took over the market with the formation of massive bullish candles. The previous high of $127 is retested on 12 February.

The 9 periods EMAs have crossed the 21 periods EMA upside and the price is trading above the two EMAs which indicate that the Bulls are in control of the EURJPY market. An increase in the Bulls’ momentum may break up the resistance level of $127, in which the price level of $128 will be exposed. Should the Bears defend the resistance level of $127, the bulls may break down the $126 price level and expose the support level of $125 and $124. The Relative Strength Index period 14 is at 60 levels with the signal lines pointing up which indicates buy signal.

 EURJPY medium-term Trend: Bullish

On the 4-hour chart, EURJPY is bullish. The bearish momentum became weak when it reaches the support level of $126 zone. The bullish engulfing candle pattern formed triggered a bullish momentum and the price found resistance at $1.27 level. The price is currently consolidating at $127 price level.

EURJPY 4 hour chart, February 13

The price is trading above the 9 periods EMA and 21 periods EMA with the two EMAs spanned apart which indicate bullish momentum. The relative strength index period 14 is below 50 levels with the signal line pointing down to indicate a sell signal.

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