Forex Signals – EURJPY Price Is Heading Towards $125
EURJPY Price Analysis – July 31
A daily close above the supply level of $125 could encourage the bulls to extend the rally towards the $127 and $129. On the other hand, a close below the resistance level of $125 could reverse the price direction towards the weekly support at $119.
EURJPY Market
Key Levels:
Supply levels: $125, $127, $129
Demand levels: $123, $122, $121
EURJPY Long-term Trend: Bullish
Euro gains enough strength over yen in today’s market. The currency pair climbed to the current $123 – $125 trading zone indicating that the bulls are in charge. In other words, EURJPY is bullish in the daily chart. The market closed last week ranging within $123 and $122 price level after the formation of an arc shape. The bulls gathered more momentum to break up the supply level of $123. The price is currently targeting the supply level of $125. The weekly market may close below the supply level of $125.
EURJPY was trading closely touching the two EMAs last week, currently, it has deviated from the EMAs to the upside; that is the price is trading above the 9 periods EMA and 21 periods EMA which indicates that the bulls have resume fully into the market. A daily close above the supply level of $125 could encourage the bulls to extend the rally towards the $127 and $129. On the other hand, a close below the resistance level of $125 could reverse the price direction towards the weekly support at $119. There is a possibility that the price will continue the bullish trend as the Relative Strength Index is at 70 levels with the signal line pointing to the north. Forex Signals – EURJPY Price Is Heading Towards $125
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EURJPY medium-term Trend: Bullish
EURJPY price action bullishly broke out of the cup shape formed last week. The former resistance level of $125 has turned to support; meaning that the bulls’ momentum is increasing. In other to negate the bullish outlook, the bears have to defend the resistance level of $125.
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The price is heading towards the supply level of $125. The price is trading above 9 periods EMA and the 21 periods EMA. The RSI is above 70 levels with the signal line pointing downside which may be a pullback.
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