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EUR/JPY May Fall Further Before The Bears Move Forward

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Further increase in the bears’ pressure might penetrate the demand level of $122 downside which may decrease the price further to $121 and $122 need levels. The rejection of the price at $122 price level might push the price up towards the resistance levels at $124, $125, and $126.

EURJPY Market
Key Levels:
Supply levels: $124, $125, $126
Need levels: $122, $121, $120

EURJPY Trend that is long-term
EURJPY is bearish in the chart that is daily. Last week, the price closed below the need level of $122 with hope from the traders that bearish momentum will continue this week. The bulls oppose the decrease in cost. Daily candles that are bullish produced that pushes the price back again to retest the resistance degree of $124 on September 29. The bears defend the just mentioned level and that generated the price consolidation that can last for three days.

EURJPY Daily chart, 02 October
Today, the bears gain more energy and a big massive bearish candle formed which engulfs the candle that is previous. The price has tested the demand level of $122 and pulls right back. The price is trading below the 9 periods EMA and 21 periods EMA which indicates a decrease into the price. Further boost in the bears’ pressure might penetrate the demand level of $122 drawback that might decrease the purchase price further to $121 and $122 demand levels. The rejection of the price at $122 price level might push the price up towards the resistance levels at $124, $125, and $126. Further increase in the bears’ pressure might penetrate.

EURJPY Trend that is medium-term
EURJPY is bearish in the outlook that is medium-term. The bulls defended the help level at $122 at the start of the week. The price reverses and increases to test the opposition level at $124. The mentioned level was tested on September 30, pulled back, and tested the level that is same October 01. The price is presently declining to retest the demand level at $122.

EURJPY chart that is 4-hour October 02
The two EMAs are close to each other and also the pricing is exchanging below the EMAs. The strength that is general period 14 is bending down at 43 levels which connotes a sell signal.

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Billy Houghton

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