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EURJPY Price Is Struggling to Break Up $132.5 Resistance Level

EURJPY Price Analysis – July 02

When the bulls increase their momentum, price will increase to break up the resistance level of $132.5, after which it may reach $133.3, further increase may place the price at the $134.0 levels. In case the resistance level of $132.5 holds, the price may reverse towards the $132.0, $130.9 and $130.8 support levels.

EURJPY Market

Key Levels:

Resistance levels: $132.5, $133.3, $134.0

Support levels: $132.0, $130.9, $129.0

EURJPY Long-term Trend: Bullish

On the long-term outlook, EURJPY is bullish. The bulls took over the EURJPY market on June 21 when the price tested the support level of $129. A bullish engulfing candle formed and the price obeyed the command of the bulls. Price increases and tested the resistance level of $132.5. The just mentioned level holds and the price pulled back towards $130.9 level. At the moment, the bulls are returning in to the market with an increased momentum.

EURJPY Daily chart, July 02

The price is trading between the 9 periods EMA and 21 periods EMA which indicate that the bulls’ momentum is increasing. The fast moving average (9 day EMA) is bending towards the slow moving average (21 day EMA).When the bulls increase their momentum, price will increase to break up the resistance level of $132.5, after which it may reach $133.3, further increase may place the price at the $134.0 levels. In case the resistance level of $132.5 holds, the price may reverse towards the $132.0, $130.9 and $130.8 support levels.

EURJPY medium-term Trend: Bullish

On the 4-hour chart, EURJPY is bullish. The bulls pushed up the price to test the resistance level of $132.5 last week. The sellers reject further price increase at the same just mentioned level, the price pulled back. The bulls are gaining more pressure to break up the resistance level of $132.5 level.

EURJPY 4 hour chart, July 02

The price is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is above 60 levels with the signal line pointing down to indicate a sell signal which may be a pullback.

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