EURJPY has gained significant momentum, breaking through the 160.00 price level. The market seems to favor the Euro side due to positive fundamentals, unlike the Japanese yen side, yet overall market participation remains relatively low.
Key Price Levels:
Resistance Levels: 160.96, 162.00, and 164.00
Support Levels: 160.00, 159.00, and 158.0
EURJPY Pushes Beyond the 160.00 Level
Observing the EURJPY market reveals a lack of substantial market participation, as indicated by recent price candles with short bodies. The ongoing session suggests that emerging fundamentals might be driving most of the market movements.
Despite the appearance of a dashed-shaped price candle above the Guppy Multiple Moving Average (GMMA) curves, the Relative Strength Index (RSI) indicator lines are rising within the overbought zone, signaling a bullish market.
EURJPY Shows Consistency in Upside Correction
In the EURJPY 4-hour market, a resemblance to the daily market trends is observed. The market continues above the GMMA lines, and the size of the price candle remains consistent, indicating a lack of significant interest in the market.
Notably, the RSI leading line has surpassed the 90 mark while the lagging line trails behind, suggesting a volatile market that might move swiftly. Despite these technical indicators, traders could anticipate an upside correction towards the 162.00 mark.
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