EURJPY Price My Increase Further as Bulls Oppose Bears at $133 Support Level – Cryptovibes.com – Daily Cryptocurrency and FX News

EURJPY Price Analysis – August 05

In case the confluence at the resistance level of $137 is broken upside, price may increase and face the resistance levels at $138 and $139. On the other hand, further increase in the Bearish momentum may push the price back to the $136 level, then $134 and $133 levels may be reached.

EURJPY Market

Key Levels:

Supply levels: $137, $138, $139

Demand levels: $136, $134, $133

EURJPY Long-term trend: Bullish

EURJPY is bullish on the long-term outlook. Last two weeks, the price was bearish with much pressure from the bears. The support level of $133 was reached on August 02. A bullish reversal candle pattern formed called morning star. Followed the scenario is the formation of more bullish candles and the price increases towards the resistance level of $137 after broken up the $136 resistance levels. There is tendency that price will break up $137 level.

The price is testing the $127 level at moment. The currency pair is trading between the 9 periods EMA and 21 periods EMA which indicate a strong bullish trend. The relative strength index period 14 is at 46 levels with the signal lines showing bullish direction.  In case the confluence at the resistance level of $137 is broken upside, price may increase and face the resistance levels at $138 and $139. On the other hand, further increase in the Bearish momentum may push the price back to the $136 level, then $134 and $133 levels may be reached.

 EURJPY Short-term Trend: Bullish

EURJPY is bullish on the 4-hour chart. The bears pushed the price to reach the support level of $133 last two weeks. The just mentioned level holds and the price bounces up. A bullish engulfing candle formed at $133 level indicate that bulls are ready to dominate the market. EURJPY soars to $137 resistance level after penetrating the resistance level of $136. The price is currently struggling to break up $137 level.

The price has crossed the 9 periods EMA and 21 periods EMA upside. The relative strength index period 14 is at 60 levels and the signal lines pointing up to indicate a buy signal.