In recent times, the EURJPY price has risen past the 150.00 and 151.00 price marks. The nice performance of the pair drew the attention of the headwind, and there was a rapid price decline that took the price below the 148.00 price mark. However, the market soon recovered above the 148.00 mark.
Major Price Levels:
Resistance Levels: 148.22, 148.72, and 149.10
Support Levels: 148.00, 147.80, and 147.50
EURJPY Stays Under the 148.60 Price Level
EURJPY’s price stays below the 148.60 level for the second consecutive trading session. Price activity broke through the resistance presented by the middle limit of the Bollinger Bands. And, even though the last price candlestick here is a green one, it even formed below the previous red one. By implication, this suggests that downward forces are resistance to price movements. Meanwhile, the Relative Strength Index (RSI) indicator is foretelling that the price may retrace further downward. This can be seen as the curve of the indicator has given yet another bearish crossover in the oversold zone.
EURJPY Is Facing Rejection at the 148.50 Price Mark
On the 4-hour EURJPY market, it is seen that price action is facing serious opposition from downward forces. In previous trading sessions, buyers seem to have been making attempts to retrace above the 148.00 mark. However, these attempts have failed, as price actions keep appearing scattered below this level. Nevertheless, traders can still anticipate an upside retracement as the Relative Strength Index (RSI) indicator curves have given a bullish crossover. Therefore, traders may expect a retracement toward the 148.80 price mark.
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