With the EURJPY sustaining its price action above 157.90, it could be said that the market is eyeing the 159.00 mark. However, the last price candle on this chart reveals that buyers may have pumped through this level earlier in this session but were chased back by headwinds.
Major Price Levels:
Resistance Levels: 157.92, 158.00, and 159.00
Support Levels: 157.00, 156.00, and 155.00
EURJPY Manages to Keep Its Price Action Above a Favorable Support
Trading activities as revealed by price action on the daily chart seem to suggest that there was a price spike in this market earlier in the EURJPY market yesterday’s trading session. This can be perceived as the upper shadow of the previous session pircing through the 159 and 160 price marks.
However, it seems the session experienced a strong downward correction, but buyers have been able to continue trading activities above the middle band of the Bollinger Bands. Also, the Relative Strength Index (RSI) lines have converged but seem to avoid a trend reversal move as the terminals of these lines are now turning sideways. Consequently, this points out that the buyer may be repairing to launch another upside move.
EURJPY Retains Upside Focus Despite Outlook
Just like what was observed on the daily market, a dashed-shaped price candle has appeared just above the middle limit of the Bollinger Bands. This has retained EURJPY’s trading above the 157.90 mark and above the middle limit of the Bollinger Bands indicator. Meanwhile, the RSI curves are racing for the oversold region, indicating a massive decline in upside momentum.
Nevertheless, the position of the price candle for the ongoing session may kindle bullish hopes towards the 159.00 price level. However, such traders must be prepared for the possibility of further price declines, at least to the 157.00 mark.
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