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EURJPY Price May Reverse at $134.2 Resistance Level

EURJPY Price Analysis – May 28

Should the bulls increase their pressure, the resistance level of $13.2 may be broken upside and the bullish momentum may extend to $135.4 and $136.1 price level.  In case the Bears defend the resistance level of $134.2, the coin will continue to decrease towards the support level of $133.2, $132.7, and $132.5.

EURJPY Market

Key Levels:

Resistance levels: $134.2, $135.4, $136.1

Support levels: $133.2, $132.7, $132.5

 

EURJPY Long-term Trend: Bullish

On the long-term outlook, EURJPY is bullish. The bullish movement continues in the EURJPY market on daily chart. The bulls increased their pressure, the resistance level of $133.2 was broken upside. The bullish momentum extends to $134.2 the bears could not interrupted the uptrend movement. At the moment, the price is testing the resistance level at $134.2.

EURJPY Daily chart, May 28

The price is trading above the two EMAs which indicate that the bulls’ momentum is increasing. The fast moving average (9 day EMA) remains above the slow moving average (21 day EMA). Should the bulls increase their pressure, the resistance level of $13.2 may be broken upside and the bullish momentum may extend to $135.4 and $136.1 price level.  In case the Bears defend the resistance level of $134.2, the coin will continue to decrease towards the support level of $133.2, $132.7, and $132.5. The relative strength index period 14 is bending up at 70 to indicate buy signal.

EURJPY medium-term Trend: Bullish

On the 4-hour chart, EURJPY is bullish. EURJPY was pulling back last week retesting the support level of $132.5. The price increased and break up the resistance level of $133.3. The bulls’ pressure increases and the price is currently testing the resistance level of $134.2. There is possibility for price reversal.

EURJPY 4 hour chart, May 28

The two EMAs are well separated. The price is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 65 levels with the signal line pointing down to indicate a sell signal.

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