EURJPY’s price action broke through the 148.00 price mark to test the 150.00 price mark in the past three trading sessions. As a result, it appears that short trades were triggered, and this caused price action to bounce off the resistance at the 150.00 price mark. How far will the price fall? Let’s check it out, shall we?
Major Price Levels:
Resistance Levels: 149.50, 150.00, and 151.00
Support Levels: 149.00, 148.50, and 148.00
EURJPY Eyes Support at the 148.00 Price Level
On the daily EURJPY market, it appears that the euro is facing some headwinds coming from the eurozone while the Japanese yen is holding its ground. Consequently, the pair’s price action seems to have fallen below the 9-day Moving Average curve. And this implies that prices may retrace lower price marks and trading activity continues. Additionally, the lines of the Stochastic Relative Strength indicator have been shaped to point out that sellers are gaining momentum. And this makes sense since price action is now in the sellers’ zone on the Fibonacci Retracement tool.
EURJPY Buyers Stage Resistance at 1.49.00, But It Looks Too Weak to Hold
The EURJPY 4-hour chart reveals that buyers are making efforts to abate the headwind at the 149.00 price mark. However, this attempt looks too weak and may fail, by all indications. This can be seen as the lines of the RSI had earlier approached a bullish crossover. Nevertheless, this attempt failed, and these lines have continued to trend deeper into the oversold region. Also, the Average True Range Indicator curve is now pointing more steeply downward, indicating that a headwind may progress. Therefore, traders can place a sell order, as the price may retrace the 148.00 price mark.
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