Bullish Reversal at $125 Support Level, Further Increase Envisaged

After a strong advance, the bears are still in charge of cryptocurrencies. The crypto market has seen an abrupt decline since last week’s all-time high. $125 is now at risk for a bullish reversal within the next few days and further gains anticipated over coming weeks.

The “bullish reversal” is a term that describes when the price of an asset has gone down, but it then goes up. In this case, the price of Bitcoin is expected to increase.

March 11th EURJPY Price Analysis

Price may rise and encounter resistance levels at $130 if the confluence at the resistance level of $129 is broken to the upside. Further increases in Bearish momentum, on the other hand, might bring the price back to the $126 level, then to the $125 and $124 levels.

EURJPY Exchange Rates

Levels of importance:

Levels of supply: $128, $129, $130

Levels of demand: $126, $125, $124

 

Long-term trend for EURJPY is bullish.

The long-term forecast for EURJPY is optimistic. The price has been negative for the last two weeks, with the bears exerting a lot of pressure. The $125 support level was attained. Morning star, a bullish reversal candle pattern, developed. Following the scenario, further bullish candles are formed, and the price rises towards the $129 barrier level after breaking through the $127 and $128 resistance levels. At $128, there is a confluence, and the price is now pulling down.

The price is increasing towards the $128 level. The currency pair is trading between the 9 periods EMA and 21 periods EMA which indicate a strong bullish trend. The relative strength index period 14 is at 46 levels with the signal lines showing bullish direction.  Price may rise and encounter resistance levels at $130 if the confluence at the resistance level of $129 is broken to the upside. Further increases in Bearish momentum, on the other hand, might bring the price back to the $126 level, then to the $125 and $124 levels.

Short-term EURJPY Trend: Bullish

On the 4-hour chart, the EURJPY is bullish. Last two weeks, the bears drove the stock near the $125 support level. The previously indicated level is maintained, and the price rises. The formation of a bullish engulfing candle around $125 indicates that bulls are poised to take control of the market. After breaking over the $126 resistance level, the EURJPY leaps to $128 barrier. At the time, the price is stabilizing around $128.

On the upside, the price has passed the 9-period EMA and the 21-period EMA. The period 14 relative strength index is at 55, with the signal lines pointing down, indicating a sell signal that might represent a retreat.