The EURJPY pair is finding the resistance price mark at the 159.00 mark a tough nut to crack. Two attempts have been made to significantly break this level, but each of them has failed. However, price action seems ready to challenge this threshold again.
Major Price Levels:
Resistance Levels: 159.00, 160.00, and 161.00
Support Levels: 158.89, 158.00, and 157.00
EURJPY Sets Out to Revisit the 159.00 Price Mark
The EURJPY daily market has shown that the resistance price mark at 159.00 seems very strong. This could be observed as the last two attempts to break this barrier have subsequently failed. Despite that, technical indicators are revealing that bulls are set out to re-challenge this price mark.
In the past three sessions, trading activities have resumed occurring above the 9- and 21-day MA lines. Even though the last price candle shows that bears are exerting some downward forces, it could be seen that the current price is about the close of the previous session. Meanwhile, the Stochastic Relative Strength Index (RSI) indicator curve maintains a fairly upside focus, which is in keeping with the current price trend in this market.
EURJPY Buyers Are Resiliently Holding on to Their Gained Upside Grounds
The EURJPY 4-hour market reveals that price action is trying to retain the upside trajectory. Looking at the last two price candles on this chart, it can be seen that bears have restrained price action on its upside path. Nevertheless, it could be observed that buyers are keeping the lead.
Also, the lines of the RSI, having peaked at level 100, refuse to turn south. Consequently, this shows that price action is maintaining its upside path. In addition, it should be noted that price action remains above the 9- and 21-day SMA lines. Consequently, this keeps buyers at an advantage pending favorable fundamentals. In the meantime, traders can hope to gather minimal profits towards the 160.00 mark.
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