After EUR/JPY price action hit the lowest limit of the Bollinger band, price activities have picked up moderate profits towards the 145.50 price level. However, the bears are still in control, and EUR/JPY prices may see a lower level.
Important price Levels:
Resistance Levels: 144.000, 144.100, 144.300
Support Levels: 143.960, 143.900, 143.700
EUR/JPY Shapes to Fall Lower
Price activities on the EUR/JPY daily market appear to have fallen under the control of a significant headwind. Since the last two trading sessions, the pair has witnessed some considerable selling. And, from signs emanating from technical indicators price may go lower. The Average True Range indicator (ATR) line has now pointed downward to indicate the beginning of a price decrease. Also, the lines on the Stochastic RSI have given a bearish crossover in the oversold. Additionally, the current market price of the pair is now below the MA line of the Bollinger band indicator. Therefore, in this market, it appears that price action now has more downside propensity.
EUR/JPY May Maintain Downward Retracement for a Bit Longer
Moving on to the 4 -hour market, it could be seen that price action may retain this current move. The ATR indicator has pointed downward, and in a steeper manner. Meanwhile, the RSI curves have given a crossover in the oversold but these lines aren’t picking an upwards bearing. Furthermore, the middle limit of the applied Bollinger bands indicator appears to be a strong resistance in this market. In conclusion, signs emanating from both markets continues to align with the idea of a further price decrease in this EUR/JPY market towards the 143.00 price level.
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