The EUR hasn’t been performing well on the fundamental front at the moment. Yet, the price action of the EUR/JPY market can be seen holding support above a key level. The ongoing session is currently taking place above a critical mark on the technical indicator, suggesting that price action may continue upward.
Key Price Levels:
Resistance Levels: 165.00, 170.00, 175.00
Support Levels: 160.00, 155.00, 150.00
EUR/JPY Buyers Have a Strong Grip in the Market
The EURJPY market has risen past the middle band of the Bollinger Bands (BB) indicator. However, shortly after price action broke through the resistance created by the middle limit of the Bollinger Bands, the market could not immediately proceed. As a result, price action oscillated just above that part of the indicator.
Nevertheless, the ongoing session shows that upside momentum is still active in the market, as indicated by the color of the corresponding price candle. Additionally, the Stochastic Relative Strength Index (Stochastic RSI) indicator is following a general upward trajectory.
EUR/JPY Rebounds Above the 160.00 Threshold Faces Contraction
The EURJPY market retraced slightly upward earlier in the current session. However, headwinds countered this, causing a downward contraction. Yet, the pair still trades above the middle limit of the Bollinger Bands. It appears that bulls are barely holding on, as indicated by the color of the last price candle on the chart.
The Stochastic RSI lines have just delivered a bearish crossover below the 50 mark of the indicator. Technically, the market has a bearish outlook. However, this will depend on whether the middle limit of the Bollinger Bands holds. Be that as it may, price action may still rise through the 161.00 threshold.
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