EURJPY Price Analysis – May 18
Further increase in the Bears’ pressure will push the pair to reach $121 level which may be broken by the Bears and target the previous low. In case, $121 level holds, the price may reverse.
Supply levels: $123, $125, $127
Demand levels: $121, $119, $117
EURJPY Long-term trend: Bearish
EURJPY is on the bearish movement in the daily chart. The Bears would not let the Bulls have space in the EURJPY market; that is the Bears were still in full control of the market on the daily chart. The Bears broke down $123 price level last week with the anticipation that the price may reach $121 level, but the Bears momentum became weak and the mark could not be reached but rather consolidating in-between $123 and $121 levels.
EURJPY daily chart, May 18
The currency pair is below the former demand level of $123 facing $121 demand level. In case the Bears increase their pressure the demand level of $121 will be touched and may be broken down the side and find its support at $119 level. should $121 level holds, the price may reverse. EURJPY pair remains below the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is below 25 levels and its signal lines pointing up to indicate a buy signal.
EURJPY Short-term Trend: Bearish
On the 4-hour chart, EURJPY is on the bearish trend. EURJPY is under the control of the Bears. The bearish momentum has pushed the pair to break down the $123 level, the price is declining down towards $121 demand level.
EURJPY 4-Hour chart, May 18
The currency pair is trading below the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is above 50 levels with the signal lines pointing up to indicate a buy signal.
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