EURJPY Price Analysis – March 12
Further increase in the Bulls’ momentum may break up the resistance level of $130.7, in which the price level of $131.9 and $132.5 may be tested. Should the Bears defend the resistance level of $130.7, the bearish momentum may commence towards the support level of $129.8, $129.1 and $128.
EURJPY Market
Key Levels:
Supply levels: $130.7, $131.9, $132.5
Demand levels: $129.8, $129.1, $128
EURJPY Long-term Trend: Bullish
EURJPY is bullish on the long-term outlook. Last week, the currency pair closed at the former resistance level at $129.1 consolidating. The consolidation extends to the beginning of this week’s trade. On March 11, the bulls gained more pressure and a strong daily bullish candle emerges and breaks the pair out of the consolidation, up to the former resistance level at $129.8. The bullish momentum extends towards the resistance level at $130.7.
The 9 periods EMA and 21 periods EMA are at a distance to each other and the price is trading above the two EMAs which indicate that the bulls’ momentum is increasing. Further increase in the Bulls’ momentum may break up the resistance level of $130.7, in which the price level of $131.9 and $132.5 may be tested. Should the Bears defend the resistance level of $130.7, the bearish momentum may commence towards the support level of $129.8, $129.1 and $128. Meanwhile, the relative strength index period 14 is at 70 levels pointing up to indicate strong buy signal.
EURJPY medium-term Trend: Bullish
On the 4-hour chart, EURJPY is bullish. There was a ranging movement around the $129 price level last week and this took more than 48 hours. The bulls eventually prevail over the bears and the price soars towards the $130.7 level after it broke up the $129.8 level. Further price increase is possible and $130.7 level may be the target.
The price is trading above the two dynamic support levels at a distance and the relative strength index period 14 is at 70 levels with the signal line pointing up to indicate a buy signal.
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