EURJPY Price Analysis – June 14
The currency pair price has changed the direction towards the previous low of $120 level in which it may be reached by an increase in the Bears’ momentum.
Supply levels: $123, $125, $121
Demand levels: $120, $119, $117
EURJPY Long-term trend: Bearish
EURJPY resumed its bearish trend in the long-term outlook. The bearish momentum was a bit weak last week because there was a pullback by the Bulls towards the dynamic resistance of 21 periods EMA. On June 12, a bearish engulfing candle emerged at the level of dynamic resistance. The currency pair obeyed the Bears’ command, more bearish candle was formed and the price started falling towards the previous low of $120.
EURJPY Daily chart, June 14
The histogram of Moving Average Convergence divergence period 12 is slowly moving below the zero levels with the signal lines bending down to indicate a strong sell signal and decrease in the EURJPY price. EURJPY is currently trading below the 21 periods EMA and 50 periods EMA which indicates the bearish momentum. The currency pair price has changed the direction towards the previous low of $120 level in which it may be reached by an increase in the Bears’ momentum.
EURJPY Short-term Trend: Bearish
EURJPY is bearish on the 4-hour chart. EURJPY was heading towards the supply level of $123 level last week under the bullish pressure on the 4-hour chart. Close to the mentioned level, the Bears opposed the increase in the price of EURJPY and there was a sudden price reversal.
EURJPY 4-hour chart, June 13
The price was trading above the 21 periods EMA and 50 periods EMA before, but as a moment the pair is trading below the two EMAs which is a confirmation of the bearish trend. The Moving Average Convergence Divergence period 12 with its histogram is below the zero levels and the signal lines pointing down to indicate sell and a further decrease in the currency price.
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Azeez M. Mustapha
Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management.
e-mail: [email protected]