EURJPY medium-term Trend: Bearish

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EURJPY is currently trading between the two EMAs in which the 9 period EMA is above the 21 period EMA which implies that the bears’ momentum is increasing. The inability to break down the demand level of $120 by the bears may lead to the bouncing of the price and bullish trend may continue. In case the bears exert more pressure, the demand level of $120 may not hold and the price will be exposed to $119 – $123. The Relative Strength Index period 14 is at 60 levels with the signal lines pointing down which indicates a sell signal.