EURJPY Price Formed Double Top Pattern, Heading Towards the Demand Level of $117

EURJPY Price Research – September 20
The rise in the Bears’ drive will result in an extra lower in worth which possibly $116 worth degree supplied the $117 worth degree does no longer grasp.

EURJPY Marketplace

Key Ranges:
Provide ranges: $119, $120, $123
Demand ranges: $117, $116, $115
EURJPY Lengthy-term Pattern: Bearish
On the long-term outlook, EURJPY is bearish. The foreign money pair was once bullish closing week. The bullish momentum propelled the foreign money worth to the provide degree of $119 on September 12. The day by day bullish candle closed above the provide degree of $119. The associated fee began consolidating at the simply discussed provide degree, and this state of affairs continues all over closing week. Nowadays, the Bears ruled the marketplace and a powerful bearish candle emerged and this driven the worth down in opposition to the call for degree of $117.

The 21 classes EMA and 50 classes EMA that was once under the worth closing week is these days shifting above the worth which signifies that the Bears are progressively taking on the EURJPY marketplace. The rise in the Bears’ drive will result in an extra lower in worth which possibly $116 worth degree supplied the $117 worth degree does no longer grasp. In the meantime, the Stochastic Oscillator length 14 is above 80 ranges with the sign traces bending down to signify a promote sign.

EURJPY medium-term Pattern: Bearish
EURJPY is bearish on the 4-hour chart. The associated fee motion has shaped a double best chart development on the 4-hour chart. The previous call for degree of $119 has been penetrated drawback. The associated fee is declining in opposition to the call for degree of $117.

The associated fee has crossed the two EMAs drawback and it’s buying and selling under the 50 classes EMA and 21 classes EMA to signify promote sign. The stochastic Oscillator length 14 is under 25 ranges bending down to signify a promote sign and extra aid in worth.

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Azeez M. Mustapha

Azeez M. Mustapha

Azeez Mustapha is a technical analyst, has a few years of buying and selling revel in in the inventory change and the crypto markets. He has large revel in in the Forex market buying and selling, training, and budget control.
e mail: [email protected]

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