Bears May Take Over Soon – Cryptovibes.com – Daily Cryptocurrency and FX News

EURJPY Price Analysis – February 20

An increase in the Bears’ momentum may break down the support level of $127, in which the price level of $126 and $125 may be tested. Should the Bulls defend the support level of $127, the bullish momentum may continue towards the resistance level of $131 and $132 provided $128 does not hold.

EURJPY Market

Key Levels:
Supply levels: $128, $131, $132
Demand levels: $127, $126, $125

EURJPY Long-term Trend: Bullish

On the long-term outlook, EURJPY is bullish. The high of December 2018 is reached last week. The bulls continue to hold up to the EURJPY market last week and the bullish pressure pushes the price up to the resistance level of $128 on February 16. At the same resistance level of $128, a bearish engulfing candle emerges. It seems the bears are ready to take over the market; last week market closed with the formation of an inverted pin bar which indicates that the bears are getting ready to take over the market.

The pair is moving closer to the two EMAs as a sign of weak bullish momentum, that is 9 periods EMAs and the 21 periods EMA is below the price. An increase in the Bears’ momentum may break down the support level of $127, in which the price level of $126 and $125 may be tested. Should the Bulls defend the support level of $127, the bullish momentum may continue towards the resistance level of $131 and $132 provided $128 does not hold.

EURJPY medium-term Trend: Bullish

On the 4-hour chart, EURJPY is bullish. The bullish momentum became weak when it reaches the resistance level of the $128 zone. The bears’ pressure increases and the price pulled back to retest the support level of $127. There was a bullish movement to test the $128 level a second time before an inverted pin bar formed which indicate a bearish signal. The bears may dominate the EURJPY market soon.

The relative strength index period 14 is below 50 levels with the signal line pointing down to indicate a sell signal.