As anticipated, EURJPY has re-entered trading above the 170.00 price level. Meanwhile, all this is happening while the Eurozone remains tranquil on a fundamental basis. This indicates that the bullish market-moving fundamentals for the pair stemmed from the Japanese yen side, as the recent pump in the Japanese bond has failed to stimulate the JPY.
Key Price Levels:
Resistance Levels: 175.00, 180.00, and 185.00
Support Levels: 170.00, 165.00, and 160.00
EURJPY Trades Above the 170.00 Threshold
In what appears to be a very resilient move, EURJPY has broken and resumed trading above the 170.00 price level. The pair had attempted this before but failed, as price action could not find a foothold above the price mark. Today’s trading activity seems to be attempting to establish support above this price level through the last price candle in this market.
Additionally, trading activities can be seen above the middle limit of the Bollinger Bands without pushing against the uppermost limit. However, the appearance of upper and lower shadows on the mentioned price candle suggests that headwinds are trying to resist the uptrend. Yet, the Stochastic Relative Strength Index (SRSI) indicator lines have a cool upward trajectory above the 80 mark. Consequently, upside forces seem to be holding together quite well, and bullish Forex signals might still prove useful here.
EURJPY Bulls Are Active
In the EURJPY 4-hour market, it can be seen that upside forces are trying to keep trading activities afloat above the 170.00 mark. Here, the previous session saw the market dip moderately for a session. However, the market seems to be bouncing back already at this point. This can be perceived through the appearance of the last-priced candle. Although this seems like a weak stand, there are other indications that suggest the market may proceed upwards.
Trading continues above the middle limit of the Bollinger Bands. Meanwhile, the lines of the Moving Average Convergence Divergence (MACD) are above the equilibrium level. In addition, these indicator lines have a slight upward trajectory despite the downward correction that occurred in the previous session. At this point, it could be deduced that the pair may head towards the 171.50 price level.
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