EURJPY Price Commences a Bearish Trend at $144 Resistance Level – Cryptovibes.com – Daily Cryptocurrency and FX News

EURJPY Price Analysis – July 01

When there is an increase in the bulls’ pressure, the resistance level of $142 may be broken upside and the bullish momentum may extend to $144 and $146 price level.  Should the Bears defend the resistance level of $142, the price will continue to decrease towards the support level of $140, $138 and $137

Key Levels:

Resistance levels: $142, $144, $146

Support levels: $140, $138, $137

EURJPY Long-term Trend: Bearish

EURJPY is bearish on the long-term outlook. The price action of EURJPY formed a double top chart pattern on daily chart. This is a bearish reversal signal. The price could not break up the resistance level of $142 when the level is tested second time. The price pulled back and retest the support level of $138. The big daily bearish candle emerges today which indicate that bears are ready to take over the market. There is possibility for the price to decline next week.

The fast moving average (9 day EMA) remains above the slow moving average (21 day EMA) and the price is trading below the two EMAs which indicate that the bears’ momentum is increasing. When there is an increase in the bulls’ pressure, the resistance level of $142 may be broken upside and the bullish momentum may extend to $144 and $146 price level.  Should the Bears defend the resistance level of $142, the price will continue to decrease towards the support level of $140, $138 and $137. The relative strength index period 14 is bending up at 58 to indicate buy signal.

EURJPY medium-term Trend: Bearish

On the 4-hour chart, EURJPY is bearish. The currency pair has commences a bearish trend towards the support level of $140. It has formed a triple top chart pattern after EURJPY increased and tested the resistance level of $144. The bulls’ pressure fails and the price decline trying to break down the support level of $140.

The two EMAs have crossed each other downside. The price is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 33 levels with the signal line pointing down to indicate a sell signal.