EURJPY has been trading above the 159.00 threshold for a while now, indicating a notable improvement in sentiment towards the pair since the previous session. This trend continues in the ongoing session, with traders increasingly favoring long positions.
Key Price Levels:
Resistance Levels: 161.28, 162.00, and 163.00
Support Levels: 161.00, 160.00, and 159.00
EURJPY Targets the 162.00 Price Level
On the daily timeframe, EURJPY experienced a rebound off the Guppy Multiple Moving Average (GMMA) curve, reflecting strengthened bullish sentiment in the market. This uptrend suggests a trajectory toward higher price levels. Trading above the GMMA lines may boost trader confidence in utilizing bullish forex signals.
Additionally, the Relative Strength Index (RSI) indicator shows sharp upside momentum, with a significant gap between the leading and lagging lines, indicating healthy volatility. However, the RSI’s leading lines appear somewhat overextended, signaling the potential exhaustion of upside forces in the near future.
EURJPY Maintains Strength
On the EURJPY 4-hour market timeframe, bullish sentiment remains dominant, as evidenced by the recent price action keeping above the GMMA indicator lines. The previous session saw a moderate-bodied price candle with minimal upper and lower shadows, indicating a significant win for bulls. The ongoing session continues this trend, with a small green price candle forming just above the GMMA.
However, the RSI continues to struggle to maintain its upside momentum since the previous crossover, suggesting traders should remain focused on the 162.00 level, barring any conflicting fundamentals.
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