Price Action in the EURJPY market has remained largely in the range of 159 and 157, with a few fakeouts. Recently, there was another fakeout that saw prices fall below the 157.50 mark, but it appears that buyers were quick to use that as an entry point. Let’s see how things go in this market.
Major Price Levels:
Resistance Levels: 158.13, 159.00, and 160.00
Support Levels: 158.00, 157.00, and 156.00
EURJPY Seems Ready, Attempting To Test the Ceiling at 159.00
Today’s trading activities in the EURJPY have brought prices back further above the 157.50 mark. The current price of the pair now aligns with the 21-day Moving Average (MA) curve. The appearance of the last price candle here portrays that buyers are exerting some strong bullish pressure on price movements.
Meanwhile, the Relative Strength Index (RSI) indicator curves are rising smoothly towards the upside region from around the 30 mark of the indicator. This seems to suggest that buyers may have entered the market in good numbers.
Eurjpy Is Well Positioned To Gather More Bullish Traction
The EURJPY 4-hour market has no contrary opinion about the prospect of this pair trading at higher marks. Trading activities for this pair now occur above the 9- and 21-day MA lines. The lines of this indicator can now be seen converging for a possible upside crossover. This will add more upside thrust to price movements.
Also, the RSI indicator lines can be seen converging for a crossover for the indicator lines to correct to an upside path. Meanwhile, the lines of this indicator are now above the 70 mark and point to the fact that the pair may gain considerable momentum at this point, which may cause it to approach the 160 mark.
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