The holiday season seems to be exerting a limiting effect on the EURJPY market, restricting price movements. Technical indicators show some divergence, but they might eventually provide support.
Key Price Levels:
Resistance Levels: 157.08, 158.00, and 159.00
Support Levels: 157.00, 156.00, and 155.00
EURJPY Maintains Upside Focus Despite Thinning Activities
The EURJPY market presents choppy characteristics, particularly noticeable during the holidays. Despite this, price action has rebounded upward. The current session lacks participation, as evidenced by the dash-like appearance of the corresponding price candle.
However, this candle is not far below the 21-day Moving Average (MA) line. Simultaneously, the Moving Average Convergence Divergence (MACD) indicator suggests the market may gain traction, with its lines trending toward the equilibrium level. The last bar of the MACD indicator has turned solid green, indicating potential for further upward movement.
EURJPY Gains Traction for Upside Movement
In the 4-hour EURJPY market, price action remains choppy, with a dash-like candle above the 21-day MA line. The MACD indicator lines are converging for a crossover above the equilibrium level. Additionally, the indicator bars are now pale red, signaling a decline in bearish momentum. This suggests an opportunity for more upside traction, potentially pushing prices toward the 158.00 mark.
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