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EURJPY Price: Double Bottom Chart Pattern at $129.6, Price Increase Envisaged

EURJPY Price Analysis – August 06

When the bulls increase their pressure, this may increase the price to $30.9, which may extend the price to $132.0 and $132.5 price levels. Inability to break up $130.9 level, price may decrease towards the support levels at $129.6, $128.2 and $127.3.

EURJPY Market

Key Levels:

Resistance levels: $130.9, $132.0, $132.5

Support levels: $129.6, $128.2, $127.3

EURJPY Long-term Trend: Ranging

EURJPY is ranging on the long-term outlook. The bulls and the bears are at logger head with each other in the EURJPY market on the daily chart. When the price reached the support level at $128.2 price level. Sellers’ pressure fails at the just mentioned level. The bulls gained more pressure to push up the price; this is seen on the daily chart with the formation of more bullish candles but the bear’s momentum is opposing an increase of EURJPY price.

EURJPY Daily chart, August 06

The fast moving average (9 day EMA) remains below the slow moving average (21 day EMA), and the price is trading below and around the 9 periods EMA and 21 periods EMA which indicate ranging market. When the bulls increase their pressure, this may increase the price to $30.9, which may extend the price to $132.0 and $132.5 price levels. Inability to break up $130.9 level, price may decrease towards the support levels at $129.6, $128.2 and $127.3.

EURJPY medium-term Trend: Bearish

EURJPY is bearish on the 4-hour chart. The currency pair was under the control of bulls’ last week. The price increase was interrupted before it reaches the resistance level of $130.9. It reversed and reduces to test the support level of $129.6. The dynamic resistance levels have been penetrated downside.

EURJPY 4 hour chart, August 06

The price is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 50 levels with the signal line pointing down to indicate a sell signal.

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