Price action in the EURJPY daily market has retraced towards support after testing the 160.00 resistance. This resistance has proven to be robust, as price action continues to struggle to breach this level.
Key Price Levels:
Resistance Levels: 158.99, 160.00, and 161.00
Support Levels: 158.00, 157.00, and 156.00
EURJPY Price Declines but Signals Potential Recovery Above 159.00
Following the test of the 160.00 resistance in the daily market, EURJPY’s price action rebounded from that level, falling below 159.00. Nevertheless, price action remains above the Moving Average (MA) curve, indicating the possibility of a retracement above 159.00.
Moreover, the Moving Average Convergence Divergence (MACD) indicator’s lines maintain an overall upward trajectory after surpassing the equilibrium level.However, the indicator’s bar suggests that the current session lacks strong upside momentum.
EURJPY Aims to Sustain Upside Momentum in a Volatile Market
In the 4-hour EURJPY market, the ongoing session is represented by a small, dashed-shaped green price candle. This candle is positioned below the 159.00 threshold and under the 21-day MA line. Furthermore, the Relative Strength Index (RSI) lines are steeply declining in the oversold region.
The notable extension of the RSI indicator lines hints that bearish forces may exhaust themselves shortly. Consequently, it’s probable that price action won’t dip below the 158.50 support level. Instead, there’s a likelihood of prices rising toward the 159.50 mark.
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