Price action in the EURJPY market seems to be rising upward despite the activities of bears. However, the pair seems firmly restricted below the 157.50 price mark as price action continues to remain largely below this price mark. The question here is: can traders hold on to their bullish opinion about the pair?
Major Price Levels:
Resistance Levels: 157.50, 158.50, and 159.50
Support Levels: 157.08, 156.50, and 155.50
EURJPY Traders Manage to Keep Recording Gains Amidst Headwinds
It could be seen that price action in the EURJPY has continued to advance in the upside direction. The previous trading session saw the pair recover to trade above the middle limit of the Bollinger Bands indicator. This happened after price action spontaneously fell through the support created by the upside-sloping trendline on this chart.
Also, the Stochastic Relative Strength Index (RSI) indicator lines are still projected towards the overbought zone after recently delivering an upside crossover above the 70 level of the indicator. This effectively communicates that bulls are strong in the face of headwinds and may keep pushing prices toward higher marks.
Technical Indicators in the EURJPY Seem Oppositely Biased
In the EURJPY 4-hour market, it could be seen that trading indicators are maintaining an opposite opinion. Here, it could be seen that price action has continued to correct upwards, away from the middle band of the Bollinger Bands indicator. Consequently, via this, the market has risen further above the 23.60 Fibonacci Retracement level. But, on the contrary, the Stochastic RSI indicator shows that a bearish crossover is on the way.
As a result, traders may be confused at the initial stage. Nevertheless, taking the modal signs into account, we can say that bulls are still favored in this market, given the fact that price action in the current session is bullish and is still rising upwards above the middle limit of the Bollinger. Consequently, traders can still anticipate an upside correction toward the 158.00 price level.
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