The EURJPY has continued its upside correction after the ECB met interest rate expectations by lowering it by 25 basis points. As a result, policymakers are now confident that inflation in Europe will reduce toward the 2% target. This may aid the pair in achieving more gains in the meantime.
Key Price Levels:
Resistance Levels: 165.00, 166.00, 167.00
Support Levels: 164.00, 163.00, 162.00
EURJPY Saw a Sharp Upswing in Price
Following a period of price consolidation below the 163.50 threshold, the EURJPY eventually broke this price resistance level. Consequently, this signals that the market may be ready to resume its journey toward higher price levels. The corresponding price candle to the ongoing session suggests that the market hasn’t even come under downward pressure.
At the same time, the Stochastic Relative Strength Index (RSI) lines have just delivered an upside crossover above the 50 level of the indicator. Based on technical indicators, it appears that the market is primed for more upside corrections.
EURJPY Bulls Stay in the Lead
Another session has begun in the EURJPY 4-hour market. The corresponding price candle can be seen to have appeared even above the uppermost limit of the Bollinger Bands. Technically, this shows that upside forces are holding sway.
Additionally, the Stochastic RSI lines can also be seen still rising upward following a bullish crossover at the 80 mark of the indicator. Therefore, price action in this market still has the potential to offer at least short-term gains, if not more, to bullish traders. Consequently, traders may target the 165.50 price level.
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