The EURJPY market seems to have gained positive momentum as the pair successfully broke through the 159.00 resistance. Currently, the market is approaching a closer resistance at 161.00, but some traders might set a higher target at the 162.00 mark.
Key Price Levels:
Resistance Levels: 160.33, 161.50, and 162.50
Support Levels: 160.00, 159.00, and 158.00
The EURJPY Market Continues Towards Higher Levels
Price volatility in the EURJPY daily market appears somewhat unstable, considering the size of the price candles on the chart. Price action broke through the 159.00 resistance in the past two trading sessions, and the recent session indicates that a support level has been established above the previously broken resistance. Meanwhile, the ongoing session shows that upside forces are still strong.
This is evident as trading activity remains close to the upper limits of the Bollinger Bands, and subsequent sessions continue to push prices higher. Simultaneously, the Stochastic Relative Strength Index indicator maintains its upward trajectory after a recent bullish crossover above the 80 mark. From a technical standpoint, this suggests that prices may further increase for this pair.
EURJPY’s Choppy Characteristic Favors Bulls
The gains in upside momentum in the EURJPY market have translated into consistency on the pair’s 4-hour chart. Over six sessions, price candles consistently appear above the middle limits of the Bollinger Bands, despite significant participation in most sessions. The ongoing session places the pair trading at the 160.33 mark.
Similarly, the Stochastic RSI indicator lines continue to trend upward, nearing the 120 mark of the indicator. However, it is worth noting a minor deflection on the indicator’s leading line. Consequently, this suggests that traders might be turning bearish on this pair. Therefore, any bullish expectations towards the 162.00 mark should be approached with a well-established risk control measure in place.
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