The EUR/JPY price action broke a couple of resistance levels at a time, perhaps due to some favorable fundamentals. If the current trend continues, price action may soon claim a price mark above the 142.00 level.
Major Price Levels:
Top Levels: 141.561, 143.00, 145.00
Floor Levels: 140.00, 138.00, 136.00
EUR/JPY Sudden Upside Price Spike
On the EUR/JPY daily market, price action quickly recovered a significant part of the losses from last week’s Thursday and Friday trading sessions. The current price of the pair is now above the 9-day Moving Average line. Furthermore, the curves of the Stochastic RSI were forced to give an upside crossover due to the massive price spike. Furthermore, the MACD indicator has indicated an increase in upside momentum, with its line now making a bullish crossover below the 0.00 market. Also, a green histogram bar has just appeared above the equilibrium point, to indicate a possible further price increase.
EUR/JPY Bulls May Retain Control of Price Movement
On the four-hour market, trading indicators continue to maintain positive behavior. The last price candle on this chart remains significantly above the MA line. Also, the lines of the RSI have recovered their upside path following the significant upside price move. Coming to the MACD, it appears as if there has been a build-up to this sudden price move, as green histogram bars seem to have been appearing for a while above the equilibrium point. However, the latest histogram bar has been the most significant as it rose from near 0 to 0.203. Considering the behavior of technical indicators, traders may see the EUR/JPY price rising past the 143.500 mark.
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