EUR/JPY Price: Will There Be Further Price Declination to $127.3 Level?

EUR/JPY bounces off $130.7 resistance level

EUR/JPY Price Analysis – March 26

Further increase in the Bears pressure may penetrate the support level of $128.2 downside, in which the price level of $127.3 and $126.4 may be reached. Should the Bulls defend the support level of $128.2, the bulls may resume and push the pair towards the resistance level of $129.1, $129.8 and $130.7.

EUR/JPY MarketKey Levels:

Supply levels: $129.1, $129.8, $130.7

Demand levels: $128.2, $127.3, $126.4

EUR/JPY Long-term Trend: Bearish

On the long-term outlook, EUR/JPY is bearish. EURJPY currency pair found resistance at $130.7 after several days of bullish trend. A strong bearish candle emerges and the support level of $129.1 and $129.8 was penetrated. Another bearish engulfing candle formed on March 23 and the price reached the support level of $128.2.

EUR/JPY Daily Chart, march 26

The fast moving average is trying to cross the slow moving average while the price is trading below the 9 periods EMA and 21 periods EMA which indicate that bears are dominating the market. Further increase in the Bears pressure may penetrate the support level of $128.2 downside, in which the price level of $127.3 and $126.4 may be reached. Should the Bulls defend the support level of $128.2, the bulls may resume and push the pair towards the resistance level of $129.1, $129.8 and $130.7. The relative strength index period 14 is pointing up to indicate buy signal which may be a pullback.

EURJPY medium-term Trend: Bearish

On the 4-hour chart, EUR/JPY is bearish. The bears eventually take over the EURJPY market as it was predicted last week on 4-hour chart. Having said that the bullish momentum became weak when it reaches the resistance level of the $128 zone. The bears pressure increases and the price decline towards the $128.2 after it penetrate the $129.1 level.

EUR/JPY 4-hour chart, May 26

The price is trading below 9 periods EMA and 21 periods EMA and the relative strength index period 14 is at 40 levels with the signal line pointing down to indicate a sell signal.

----------------

WikiFX, the world's No.1 broker inquiry platform!

Use WikiFX to get free trading strategies, scam alerts, and experts experience!

Android : cutt.ly/Bkn0jKJ

iOS : cutt.ly/ekn0yOC