The EURJPY continues to march higher as the Japanese yen maintains a weaker stance. The market at this point seems to be gearing up to cross the all-time high reached many sessions ago at the 171.10 mark. Let’s examine the chances of this occurring.
Key Price Levels:
Resistance Levels: 172.00, 173.00, and 174.00
Support Levels: 170.00, 169.00, and 168.00
EURJPY Has an Eye for Higher Targets
Price activity in the EURJPY has picked up a stronger bullish tone. From the looks of the market, bulls have been able to sustain this impressive performance for a medium length of time. The market has broken another psychological price level at 171.00.
Additionally, the last price candle here suggests that upside forces are ready for more gains, as it has no upper shadow and a lower shadow. Trading activities continue above all the Exponential Moving Average (EMA) curves. The Stochastic Relative Strength Index (SRSI) indicator lines are poised upward while in the overbought region.
EURJPY Remains Solid in Its Upside Path
The ongoing session in the EURJPY 4-hour market maintains similar characteristics to those on the daily chart. The last price candle here also lacks an upper shadow while being above all the EMA lines, indicating a solid uptrend. Yet, the SRSI indicator lines had a downward trajectory, even though the ongoing session shows no signs of weakness.
Nevertheless, a deflection can be spotted on the leading line of this indicator, which is turning towards the lagging one for a bullish crossover. This hints that the upside forces are making room for increased bullish momentum. As a result, traders continue using bullish Forex signals on the pair, as the market may burst through the 172.00 mark.
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