There May Be a Bullish Reversal at $129.8 Level – Cryptovibes.com – Daily Cryptocurrency and FX News

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EURJPY Price Analysis – July 09

When the bulls defend the support level at $129.8 and the momentum increases to break up $130.9 level, then, $132.0 and $132.5 levels may be reached. Further increase in the bearish momentum may place the price at the $129.1 and $128.2 levels provided the $129.8 is penetrated.

EURJPY Market

Key Levels:

Resistance levels: $130.9, $132.0, $132.5

Support levels: $129.8, $129.1, $128.2

EURJPY Long-term Trend: Bearish

On the long-term outlook, EURJPY is bearish. Last two weeks, the bulls were trying to push the currency pair above $132 level. The just mentioned level holds and the price could not increase further. The bears seize the opportunity and increase their momentum with the formation of bearish engulfing candle at the same level. EURJPY decreases to break down the support level of $130. Further price decrease reached the support level at $129 level.

EURJPY Daily chart, July 09

The price is trading below the 9 periods EMA and 21 periods EMA which indicate that the bears’ momentum is increasing. The fast moving average (9 day EMA) is below the slow moving average (21 day EMA).When the bulls defend the support level at $129.8 and the momentum increases to break up $130.9 level, then, $132.0 and $132.5 levels may be reached. Further increase in the bearish momentum may place the price at the $129.1 and $128.2 levels provided the $129.8 is penetrated.

EURJPY medium-term Trend: Bullish

On the 4-hour chart, EURJPY is bullish. The currency pair found support at $129.8 level. The price bounces with the aid of bullish engulfing candle formed at the same support level. The price increases and it is breaking up the dynamic resistance levels at the moment.

EURJPY 4 hour chart, July 09

The price is trying to push the price above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 50 levels with the signal line pointing up to indicate a buy signal.

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