Downward forces seem to have receded as price activity in the EUR/JPY market rebounds upward near the 152.50 threshold. This is particularly interesting as it is happening at a time when the ECB is trying to avoid signaling interest rate cuts. Let’s examine the market in more details below.
Key Price Levels:
Resistance Levels: 160.00, 165.00, 170.00
Support Levels: 155.00, 150.00, 145.00
EUR/JPY Trades Poke Through the 157.30 Threshold
The EUR/JPY market rebounded in the previous session after price action flirted with the 152.50 price level. However, today’s session continues to advance through the green set of the Guppy Multiple Moving Average (GMMA) lines.
At the same time, the Stochastic Relative Strength Index (RSI) curves have affirmed the bullish retracement as the lines keep rising from the oversold region. The last price candle on the daily chart suggests that price activity hasn’t come under notable pressure from headwinds. This may aid price action’s progress through more key technical landmarks.
EUR/JPY Bulls Continue to Progress Confidently
The pair’s 4-hour chart shows that upward forces may have pulled the necessary strings to secure further upward retracement. The corresponding price candle for the ongoing session has risen past the crossing lines of the GMMA indicator.
This hints that price activity may receive more momentum. Meanwhile, the Stochastic RSI curves are now merged and are already high in the overbought region. With no crossover in the Stochastic RSI lines, it seems likely that price action may test the 160.00 price level.
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