The market shut having a daily candle that is bearish that the downtrend may continue in the EURJPY market. The prospective could be the support degree at $121 and if it will not hold, a $120 support level may be reached. Looking at the side that is upper of market, the resistance level can be found at $122, $124, and $125.
EURJPY Trend that is long-term
The bears hold tightly to the EURJPY market without giving a opportunity for the bulls to pullback the price. Last week, the support degree of $122 could not hold the price. The bears stress that is down the mentioned level and the help level of $121 is exposed. EURJPY consolidates for two days below the $122 level. The bears further pushed down the price towards the support level of $121 on 25 September.
EURJPY Daily chart, 26 september
The purchase price is moving farther away from the two EMAs which indicate a growth in the momentum that is bearish also, EURJPY is trading below the 9 periods EMA and 21 periods EMA. Industry closed having a daily candle that is bearish that the downtrend may continue in the EURJPY market. The target may be the support level at $121 and if it can not hold, the $120 support level are reached. Looking at the side that is upper of market, the opposition level can be found at $122, $124, and $125.
EURJPY Trend that is medium-term
EURJPY is bearish into the outlook that is medium-term. The bears exerted more pressure therefore the help that is former of $124 was penetrated. The support level of $122 was reached but it appears the bears’ pressure is becoming weaker at the support level at $122. The price is consolidating at the just mentioned level.
EURJPY chart that is 4-hour September 26
The two EMAs are close to each other and the purchase price is trading around and within the 9 periods EMA and 21 periods EMA. Nevertheless, the price closed below the two EMAs as an indication that cost might reduce further. The power that is relative period 14 are at 40 amounts pointing down indicating a selling signal. When the market opens, traders can place stop at $ sell122.550, Stop Loss at $123.643, and Take Profit at $121.649. The market shut having a daily candle that is bearish.