Bulls’ Pressure Increases, Targeting $140 Resistance Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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EURJPY Price Analysis – June 03

When the bulls increase their pressure, the resistance level of $140 may be penetrated and the bullish momentum may extend to $141 and $143 price level.  Should the Bears defend the resistance level of $140, the support level of $139, $138 and $137 may be faced by the bears.

EURJPY Market

Key Levels:

Resistance levels: $140, $141, $143

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Support levels: $139, $138, $137

EURJPY Long-term Trend: Bullish

EURJPY is bullish on the long-term outlook. EURJPY currency pair was bullish last week, the bulls’ pressure placed the price at the resistance level of $138. A grave stone daily doji candle formed, this triggers the bulls’ pressure. The price increases, the former resistance levels of $137 and $138 turned to support levels. At the moment, the price is targeting $140 level.

The fast moving average (9 day EMA) is above the slow moving average (21 day EMA) while the price is trading above the two EMAs which indicate that bulls are in control of EURJPY market.  When the bulls increase their pressure, the resistance level of $140 may be penetrated and the bullish momentum may extend to $141 and $143 price level.  Should the Bears defend the resistance level of $140, the support level of $139, $138 and $137 may be faced by the bears. The relative strength index period 14 is bending down at 66 to indicate buy signal.

 EURJPY medium-term Trend: Bullish

On the 4-hour chart, EURJPY is bullish. When the currency pair found support at $128 level, the resistance levels of $137 and $138 could not withstand the pressure of the bulls. The price increases and penetrate the former resistance level of $138 and $139. EURJPY is gradually heading towards the resistance level of $140. Further price increase envisaged.

The price is trading above 9 periods EMA and 21 periods EMA and the relative strength index period 14 is at 80 levels with the signal line pointing up to indicate a buy signal.



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