Price action in the EURJPY market has been ranging between 151.40 and 148.12. However, the price action seems ready for a retracement toward the price mark of 148.12. Nevertheless, this will mostly be a reoccurrence since price action has visited this price mark before. Let’s examine the chances of a lower retracement in their market.
Major Price Levels:
Resistance Levels: 149.76, 150.50, and 151.50
Support Levels: 149.11, 148.75, and 148.00
EURJPY Has More Chances of Retracing the 148.12 Price Mark
Price activity has earlier risen towards the 150.00 price mark in the EURJPY market. Nevertheless, this price mark seems to be very strong, as a retracement towards lower support occurred after price action tested this level. The last price candle here has further pushed prices below the middle limit of the Bollinger Bands indicator. This indicates that price activities may have passed for a more downward retracement. Also, the Moving Average Convergence Divergence (MACD) indicator bars have now regained their solid red appearance. Consequently, this indicates that the downward momentum is strengthening. Furthermore, the applied Relative Strength Index (RSI) indicator has displayed a bearish crossover below the 45 mark of the indicator. Which aligns with predictions of more downward retracements.
EURJPY Retains Hopes for Bearish Traders
On the 4-hour market, there has been price action that appears ready for more downward movement despite the minimal gains recorded in the ongoing trading session. Price action stays below the middle limit of the Bollinger Bands indicator, even in the last price candle. However, looking at the RSI curves, it could be seen that the leading curve is reflecting the gain in the ongoing trading session as it bends sharply towards the lagging one. The MACD seems to maintain a contrary opinion to the RSI, as its lines are trending downward while its bars are solid red. Therefore, short traders can still anticipate a retracement of the 147.50 mark.
Do you want to take your trading to the next level? Join the best platform for that here.
Leave a Reply