EUR/JPY Price Sticks $131 Level Down while Targeting $130

EUR/JPY Price Analysis

When the bears can enter the support level of $130, the price might decline further to $128 and $129 levels. When the bulls interrupt the bears’ force, it might raise the EUR/JPY price to break up the $131 level in which it might extend to $133 and $132 price levels.

Key Levels:

Resistance levels: $131, $132, $133

Support levels: $130, $129, $128

EUR/JPY Long-term Trend: Bearish

EUR/JPY remains bearish for the long-term vision. After the breakout from the ranging tendency within $132.0 and $132.5 levels, bears dominated the EUR/JPY market. 

Last week, the bears’ force broke down the support level (equal to $132.0) and the price drop to test the $131.0 price level. The bearish movement advances while the support level reaches $130.

The price is still trading below the slow-moving average (21 days EMA) and the fast-moving average (9 days EMA). EUR/JPY has managed to cross the two EMAs downside, indicating that the value is under the bears’ control. When the bears can penetrate the support level (equal to $130), the price might decline further to $128 and $129 levels. When the bulls interrupt the bears’ force, it might raise the cost to break up the $131 level in which they might increase to $133 and $132 price levels. The relative strength index period (14) seems at around 40 levels pointing down, which symbolizes a sell signal.

EUR/JPY medium-term Trend: Bearish

EUR/JPY remained bearish on the 4-hour chart. For many weeks, EUR/JPY price seemed under the control of bears’ momentum. The resistance level of $132 went opposition to the movement of the bulls. The bearish momentum gains while the price declines accordingly to break down the support levels equal to $130 and $131. The price now represents the $129 level.

EUR/JPY is now trading below the 21 periods EMA and nine periods EMA as evidence of bearish movement. The relative strength index period 14 remains below 40 levels, with the signal line leading down to show sell signal.

EUR/USD Price Analysis

The breaking down of the support level at $1.15 might push the price to $1.14 and $1.12 support levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.14, $1.15, $1.16

Support levels: $1.15, $1.14, $1.13

EUR/USD Long-term Trend: Bearish

EURUSD remains bearish from a long-term standpoint. The euro currency is dropping below the low of last year’s equivalent (November) because of the strength gained recently by the US dollar.

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