EURJPY Price Pulls Back at $127 Resistance Level, Facing $125 – Cryptovibes.com – Daily Cryptocurrency and FX News

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EURJPY Price Analysis – February 05

When the bears increase their momentum, the $125 support level may be reached, and further increase in the bears’ pressure may push the price to $124 and $122 price level. Should the support level of $125 holds, the price may continue its bullish trend towards the resistance level at $126, $127 and $128.

EURJPY Market

Key Levels:

Supply levels: $126, $127, $128

Demand levels: $125, $124, $122,

EURJPY Long-term Trend: Bearish

The currency pair is bearish on the daily chart. EURJPY market closed last week with the bulls controlling the market. The bulls pushed the pair to the resistance level of $127. The bulls could not break up the $127 level because the bears defended the level. A strong daily bearish candle appeared and the price penetrates the support level of $126 currently decreasing towards the support level of $125.

The 9 periods EMA is trying to cross the 21 periods EMA downside and the price is trading below the two EMAs which indicate that the bearish momentum is increasing in the EURJPY market. When the bears increase their momentum, the $125 support level may be reached, and further increase in the bears’ pressure may push the price to $124 and $122 price level. Should the support level of $125 holds, the price may continue its bullish trend towards the resistance level at $126, $127 and $128.

 EURJPY medium-term Trend: Bearish

On the 4-hour chart, EURJPY is bearish. After the formation of the double bottom chart pattern the price increased to hit $127 resistance level after it broken up the resistance level of $126.A further increase in price was interrupted by the bulls at the resistance level of $127. The price descends and currently found below $126.

EURJPY 4-hour Chart, February 05

The 9 periods EMA has crossed the 21 periods EMA downside with the price trading below the two EMAs as a sign of bearish momentum. The relative strength index period 14 is pointing down above 40 levels which indicate a sell signal.

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