Price action in the EURJPY market had last approached the 160.00 mark on the 31st of August. However, bears reacted harshly to that and effected a moderate downward correction. Downward forces soon grew weak, and so buyers were able to mount a reprisal at the 157.50 mark.
Major Price Levels:
Resistance Levels: 158.63, 159.50, and 160.50
Support Levels: 158.00, 157.00, and 156.00
EURJPY Is Charging Toward the 159.00 Resistance Mark
Price action in the EURJPY daily market had earlier rebounded off a resistance mark near the 160.00 mark. It subsequently headed downwards but soon found support near the 157.50 price mark in the previous session. Today’s session has seen the pair obtain psychological support above the 9- and 21-day Smooth Moving Average SMA curves.
Technically, this seems to have secured some buying confidence for the pair. Also, the Moving Average Convergence Divergence (MACD) indicator points out that downward forces are losing traction. As a result, further upside corrections can be anticipated in this market.
EURJPY Maintains Positive Indications Concerning a Revisit of the 159.00 Price Mark
The EURJPY 4-hour market continues to approach the nearby resistance price level at the 159.00 mark. Despite the instability in this market, a moderately sized price candle can be seen sitting atop the 9-day Smooth Moving Average line. Likewise, the MACD indicator has clearly indicated that upside momentum is now on the rise.
This can be seen as the lines of the indicator have now delivered a bullish crossover. Additionally, the bearing of the MACD lines following the crossover seems fairly oriented toward the upside, as a green histogram bar appeared above the equilibrium level. Therefore, traders can anticipate the 159.00 shortly.
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