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EURJPY Price May Retest $129 Level Before Bullish Trend Continues

EURJPY Price Analysis – September 10

A Further increase in bears’ pressure will reduce the price to $128 which may extend to $127 and below. When the support level of $129 holds, price may reverse and face the resistance levels at $130, $131 and $132.

EURJPY Market

Key Levels:

Resistance levels: $130, $131, $132

Support levels: $129, $128, $127

EURJPY Long-term Trend: Bullish

EURJPY is bearish on the long-term outlook. Immediately after the bulls took over the market from the bears at the support level of $128 on August 19. The price steadily increased to the high level of $130 after breaking up the former resistance level of $129. The resistance level of $130 holds the price, the price consolidates for few days before the bears prevails over the bulls.

EURJPY Daily chart, September 10

EURJPY is crossing the two EMAs downside, which means that the price is trading below the fast moving average (9 day EMA) and the slow moving average (21 day EMA). A Further increase in bears’ pressure will reduce the price to $128 which may extend to $127 and below. When the support level of $129 holds, price may reverse and face the resistance levels at $130, $131 and $132. The relative strength index period 14 is above 50 levels pointing up which indicate buy signal.

EURJPY medium-term Trend: Bearish

EURJPY is bearish on the 4-hour chart. EURJPY changed direction to bullish on August 20 when a bullish engulfing candle appeared at the support level of $128. The price steadily increases and reach the high of $130 zone. A double Top chart pattern formed and the price changes direction to bearish movement on 08 September. It pulls back today and currently continue a bearish trend.

EURJPY 4 hour chart, September 10

EURJPY is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish trend. The relative strength index period 14 is at 40 levels with the signal line pointing down to indicate a sell signal.

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