PRESS RELEASE: EURJPY Reversed at $123, Heading Towards Previous Low

PRESS RELEASE: EURJPY Reversed at $123, Heading Towards Previous Low
June 15, 2019
Crypto Daily Roundup – Jun 15, 2019
June 15, 2019

EURJPY Price Analysis – June 14

The currency pair price has changed the direction towards the previous low of $120 level in which it may be reached by an increase in the Bears’ momentum.

EURJPY Market

Key Levels:

Supply levels: $123, $125, $121

Demand levels: $120, $119, $117

 

EURJPY Long-term trend: Bearish

EURJPY resumed its bearish trend in the long-term outlook. The bearish momentum was a bit weak last week because there was a pullback by the Bulls towards the dynamic resistance of 21 periods EMA. On June 12, a bearish engulfing candle emerged at the level of dynamic resistance. The currency pair obeyed the Bears’ command, more bearish candle was formed and the price started falling towards the previous low of $120.

EURJPY Daily chart, June 14

The histogram of Moving Average Convergence divergence period 12 is slowly moving below the zero levels with the signal lines bending down to indicate a strong sell signal and decrease in the EURJPY price. EURJPY is currently trading below the 21 periods EMA and 50 periods EMA which indicates the bearish momentum. The currency pair price has changed the direction towards the previous low of $120 level in which it may be reached by an increase in the Bears’ momentum.

EURJPY Short-term Trend: Bearish

EURJPY is bearish on the 4-hour chart. EURJPY was heading towards the supply level of $123 level last week under the bullish pressure on the 4-hour chart. Close to the mentioned level, the Bears opposed the increase in the price of EURJPY and there was a sudden price reversal.

EURJPY 4-hour chart, June 13

The price was trading above the 21 periods EMA and 50 periods EMA before, but as a moment the pair is trading below the two EMAs which is a confirmation of the bearish trend. The Moving Average Convergence Divergence period 12 with its histogram is below the zero levels and the signal lines pointing down to indicate sell and a further decrease in the currency price.

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The post EURJPY Reversed at $123, Heading Towards Previous Low appeared first on FXTimes.com – Daily Cryptocurrency and FX News .

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