{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/eurjpy-bulls-are-facing-another-roadblock\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/eurjpy-bulls-are-facing-another-roadblock\/","headline":"EURJPY Bulls Are Facing Another Roadblock","name":"EURJPY Bulls Are Facing Another Roadblock","description":"After price action retreated below the 155.00 mark during the previous week, it appears that a significant number of traders took the opportunity to buy the dip. Consequently, this resulted in a considerable upside rebound. At this point, despite the initial setback in the ongoing session, price action in this market still looks predisposed to […]","datePublished":"2023-07-19","dateModified":"2023-07-19","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2022\/04\/euro-dollar.jpg","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2022\/04\/euro-dollar.jpg","height":853,"width":1280},"url":"https:\/\/forexschoolonline.com\/eurjpy-bulls-are-facing-another-roadblock\/","about":["EUR\/JPY","FX Technical Analysis","Trading strategy"],"wordCount":279,"keywords":["eurjpy","Forex","Technical Analysis"],"articleBody":"After price action retreated below the 155.00 mark during the previous week, it appears that a significant number of traders took the opportunity to buy the dip. Consequently, this resulted in a considerable upside rebound. At this point, despite the initial setback in the ongoing session, price action in this market still looks predisposed to extend the upside correction.Major Price Levels:Resistance Levels: 157.00, 158.00, and 159.00Support Levels: 156.72, 155.50, and 155.00EURJPY Remains a Fairly Upside-BiasedOver the past three sessions on the EURJPY daily market, it could be seen that price action has risen past the 9-day Moving Average (MA) line. However, as trading activity continued to approach the 21-day MA line, a headwind was activated.Consequently, this causes price action to correct towards the 9-day MA line as support. Meanwhile, the Stochastic Relative Strength Index (RSI) lines continue to rise slightly upward towards the 50 level of the indicator. By implication, this suggests that price action may continue on its upside path.EURJPY Trades in a Choppy Market but Manages to Maintain Upside CharacteristicsOn the 4-hour market, price action looks extremely unstable. Despite that, it appears that buyers are actively making progress. This can be observed as the last price candlestick can be seen at almost the same level as the 9-day MA line, which is above the 21-day MA line.Simultaneously, the Average True Range line can be seen turning sideways in light of the considerable upside bounce of the dash-shaped price candle on this chart. Therefore, traders can stick to their guns and hope for the upside retracement to continue towards 157.00.Do you want to take your trading to the next level? Join the best platform for that here."}