EURJPY Price Crossed the Barrier at $119 Level, Targeting the Resistance Level of $120

EURJPY Price Analysis – October 12
Further increase in the Bulls’ momentum may place the price of the currency pair at or beyond the resistance level of $120. In case the $120 price level is to defend by the Bears then the price may pull back.

EURJPY Market

Key Levels:
Supply levels: $120, $122, $123
Demand levels: $119, $117, $116

 
EURJPY Long-term Trend: Bullish
EURJPY is bullish on the long-term outlook. EURJPY was on the bearish trend last two weeks and the market closed below the demand level of $117. A bullish engulfing candle emerged and pushed the price to break up the demand level of $117 and the two dynamic resistance levels. Followed this scenario was the formation of strong bullish candles that pushed the price up to and penetrated the former supply level of $119 and the price is currently targeting the supply level of $120.

EURJPY Daily chart, October 12

EURJPY price has crossed the two EMAs upside with the aid of the bulls’ momentum and the price is trading above the 21 periods EMA and 50 periods EMA with the formation of the “W” pattern; this indicates that the Bulls are already in control of EURJPY market. Further increase in the Bulls’ momentum may place the price of the currency pair at or beyond the resistance level of $120. In case the $120 price level is to defend by the Bears then the price may pull back. The Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing up to indicate a buy signal.

EURJPY medium-term Trend: Bullish
EURJPY is bullish on the 4-hour chart. The Bears lost momentum as the price was declining towards the demand level of $116. The price action has formed a “W” pattern which is the bullish reversal pattern. The price reversed at the demand level of $117 soaring towards the north side and broke up the former supply level of $119.

EURJPY 4 Hour Chart, October 12

The 21 periods EMA has crossed over the 50 periods EMA and the price is trading above the two EMAs to indicate the Bulls momentum. However, the stochastic Oscillator period 14 is above 75 levels with the signal lines bending down which may be a pullback.

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