The sentiment surrounding the EURJPY pair seems more positive as buyers have started re-entering the market. This has caused price action to rebound from the last line of defense at the 155.40 mark. This appears to be primarily due to the improving fundamentals surrounding the euro. This conclusion arises from the fact that the Japanese yen has also recently experienced increased demand.
Key Price Levels:
Resistance Levels: 157.00, 158.00, and 159.00
Support Levels: 156.00, 155.00, and 154.00
EURJPY Now Targets the 157.00 Resistance
A sharp upside rebound has occurred in the EURJPY daily market. Similarly, it can be observed that buyers have maintained their grip on price action since a red price candle hasn’t appeared for four trading sessions. Furthermore, the Moving Average Convergence Divergence (MACD) indicator lines have consistently indicated that downward forces are weakening as trading activities continue.
Nevertheless, the pair keeps trading at a notable distance below the 21-day Moving Average line. However, despite that, the ongoing session is bullish; it can be seen that price activity is behaving as if it has corrected minimally off the resistance formed by the 157.50 mark, which seems contradictory to the prevalent trend in this market.
EURJPY Struggles to Stay Afloat
The EURJPY 4-hour market has further revealed developments in this market. The observed bounce off the resistance price mark at 157.50 has been elaborated upon, as a bearish price candle has appeared off the mentioned resistance mark. Nevertheless, the last price candle here has stayed above the 21-day MA line, as if price action has rebounded off it as support.
Although pale green bars are now appearing above the equilibrium level, the lines of this indicator can be seen trending slightly upwards despite the appearance of a red dash-shaped price candle. Therefore, signs emerging from this market suggest that the pair’s price may extend a correction towards the 158 mark.
Do you want to take your trading to the next level? Join the best platform for that here.
Leave a Reply