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EUR/JPY Price Tests a Possible Reversal Level, Bulls May Take Over

The Bears helped the degree of rise of $121 today; the break down of the just mentioned degree will be sending the purchase price to your low of the year at $120 and $119. Just in case the bulls defend the help degree at $121, the price may reverse together with bulls will need over; price shall increase towards the opposition amounts at $122, $124, and $125.

EURJPY Market
Key Levels:
Supply levels: $122, $124, $125

Demand amounts: $121, $120, $119

EURJPY movement that is long-term
EURJPY cost action formed a pennant chart pattern final fourteen days in the day-to-day chart, the price continues to vary inside the chart that is pennant. The bulls pushed up the price hitting the style that is upper regarding the chart pattern on October 20. The bears compared further increase using the formation regarding the “Top tweezer candle pattern that is. The price falls and breaks from the chart that is pennant during the lower trend line of the design, this led to the break down of the help degree of $122. The cost decline and tests the help level of $121.

The purchase price is investing underneath the two EMAs and also the duration that is quick (9) stays below the sluggish duration EMA (21) which shows that the bears are fully accountable for the EURJPY market. The movement that is bearish the help amount of $121 today; the breakdown of the simply mentioned degree will be sending the purchase price to the low of the year at $120 and $119. In case the bulls protect the help degree at $121, the cost may reverse as well as the bulls will take over; price shall increase towards the resistance levels at $122, $124, and $125. The Bears helped the degree of rise of $121 today.

EURJPY Trend that is medium-term
EURJPY is under bearish force. The money pair accompanied the direction of our week’s that is last prediction. The bears push the purchase price out of the form that is pennant the support degree at $122. Today the support degree of $121 is reached.

The cost may reverse at $121as the pair is showing weakness that is bearish the level. EURJPY is investing underneath the two EMA implies a momentum that is bearish. The power that is relative duration 14 is bending up at 20 levels to point a purchase signal.

Billy Houghton

Billy Houghton is a top acclaimed and sought-after commodities futures trading expert. The expertise and in-depth level of analysis that is offered by Billy Houghton is what has managed to put him at the stage of being the top ranked author for MetaNews among multiple different categories. Throughout his career, Billy has specifically spent over three decades on Wall Street fine-tuning his skills, which included over two decades at a trading desk. In more recent times, specifically the last decade, Billy has been researching algorithms of AI in futures trading, and believes they are the future of trading.
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