EURJPY Price: $128 Resistance Level Will Be Reached Provided $126 Does Not Hold

EURJPY Price Analysis – December 04

The bulls are trying to break up the resistance level of $126, breaking it up will push the price to $128 which may eventually place the price at $129. Should the bulls defend the $126 price level, it may reverse and decline to the support level of $124, $123, and $122.

EURJPY Market

Key Levels:

Supply levels: $126, $128, $130
Demand levels: $125, $124, $123, $122

EURJPY Long-term Trend: Bullish

EURJPY is bullish in the daily chart. Last week, the currency pair was under the control of the bears. The price action equally formed a descending channel on the daily chart. On 01 December, the bulls were able to accumulate more pressure to break up the resistance level of $124. The descending channel was broken upside and the price increases to the resistance level of $126 after passing through the $125 level. The price is currently testing the resistance level of $126 for three days.

The currency pair has crossed the two EMAs upside as an indication of the bullish movement. The pair is trading above the 9 periods EMA and 21 periods EMA. The bulls are trying to break up the resistance level of $126, breaking it up will push the price to $128 which may eventually place the price at $129. Should the bulls defend the $126 price level, it may reverse and decline to the support level of $124, $123, and $122.

EURJPY medium-term Trend: Bullish

The bulls interrupted the price decrease at the resistance level of $124. The price increases as the bulls’ momentum increases. The key resistance level of $124 was penetrated and the price increases to break up the $125 level and the $126 resistance level was reached. The bulls are currently making effort to penetrate the $126 price level.

The price is trading above the two dynamic support levels and the relative strength index period 14 is bending down to indicate a sell signal which may be a pullback.