EURJPY Price Analysis – March 11

If the convergence at the $129 resistance level is broken to the upside, the price could rise and face the $130 resistance level. On the other hand, a further increase in bearish momentum could push prices back to the $126 level and then possibly to the $125 and $124 levels.

EURJPY Market

Key levels.

Availability levels: $128, $129, $130

Demand levels: $126, $125, $124

EURJPY long-term trend: bullish

EURJPY bullish long-term outlook. Over the past two weeks, the price has been bearish under pressure from short positions. The support level of $125 was reached. A bullish reversal candle pattern called the Morning Star was formed. The subsequent scenario is the formation of more bullish candles as the price rises above the $127 and $128 resistance levels to the $129 resistance level. Convergence is at the $128 level and the price is now falling back.

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The price is rising to the level of $128. The pair is trading between the 9-period EMA and the 21-period EMA, which indicates a strong bullish trend. The Relative Strength Index Cycle 14 is at the 46 level and the signal line indicates a bullish direction. If the convergence at the $129 resistance level is broken to the upside, the price could rise and face the $130 resistance level. On the other hand, a further increase in bearish momentum could push the price back to the $126 level and then possibly to the $125 and $124 levels.

EURJPY short-term trend: bullish

EURJPY is bullish on the 4-hour chart. Short positions have pushed the price to reach the support level of $125 in the last two weeks. The levels just mentioned remain unchanged and the price rallies. A bullish engulfing candle at the $125 level suggests that the bulls are ready to dominate the market. EURJPY spiked up to the $128 resistance level after breaking through the $126 resistance. Currently the price is consolidating around $128.

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Price has broken above the 9-period EMA and the 21-period EMA to the upside. Relative Strength Index Cycle 14 is at the 55 level and the signal line is down indicating a possible sell signal for a pullback.