Over the medium term, price action in the EURJPY market has tried to break the price resistance level at 146.00. However, price action eventually broke that level but soon hit another resistance at the 147.00 price mark. This resistance level seemed strong as price action bounced off it towards a lower price mark.
Major Price Levels:
Top Levels: 148.00, 149.00, and 149.50
Floor Levels: 146.56, 146.00, and 145.50
EURJPY Bears Are Driving Prices Downward
On the EURJPY market, the resistance level of 147.50 seems very strong. Subsequently, it appears that sellers have mounted a siege at this level. Furthermore, trading indicators are suggesting that price action has a greater chance of falling back below the 146.00 price mark. Two trading sessions ago, a bearish price candle appeared on this chart. Meanwhile, the widely used Moving Average Convergence and Divergence (MACD) indicator is indicating that upside momentum is weakening. The lines of this can be seen moving closer to each other above the 0.00 level. Also, the RSI curve is falling towards the 80 mark, and this indicates that downward momentum is increasing in this market.
EURJPY Bears Are Gaining More Momentum
On the 4-hour market, it could be perceived that bearish momentum is on the rise. The last price candle here is a bearish one. Additionally, it could be seen that it has pushed the current price of EUR/JPY below the middle band of the Bollinger Bands indicator. At this point, more traders may begin going short. As selling pressure may increase from here on out. Further, the MACD indicator is now showing more signs that sellers are exerting more pressure. This is revealed by the bars of the indicator, which are now red and appear to be growing longer in the negative direction. Consequently, Price action may retreat towards the 145.50 price mark.
Do you want to take your trading to the next level? Join the best platform for that here.
Leave a Reply