The EURJPY market has broken through the 165.00 mark after several attempts to do so in previous sessions. From a fundamental point of view, the Eurozone seems tranquil, suggesting that the tailwind seen in this market originates from the JPY side. It appears that the Japanese yen has weakened at the same time as the US dollar, consequently suggesting some correlation.
Key Price Levels:
Resistance Levels: 166.00, 167.00, and 168.00
Support Levels: 165.00, 164.00, and 163.00
EURJPY Price Action Extends Beyond the 165.00 Mark
Price activity in the EURJPY market has finally surpassed the long-held threshold at the 165.00 price level. As earlier mentioned, the tailwind responsible for this seems to have hailed from the JPY side of the market. This is because the Eurozone seems quiet at this point.
The corresponding price candle for the ongoing session appears quite large, which suggests that buyers are dominating. Also, trading activity continues above the Guppy Multiple Moving Average (GMMA) lines. With the Stochastic Relative Strength Index (SRSI) lines rising smoothly upwards, one can anticipate that the market may soon breach the 166.00 threshold.
EURJPY Bulls Are Resilient
In the EURJPY 4-hour market, price activity suggests that upside forces are very active. While the pair’s price had hovered around the 165.00 mark in the previous session, the ongoing session has risen further upwards towards the 166.00 price level. Also, the last price candle here lacks shadows both above and below it while appearing green, indicating bullish strength. By implication, bulls are in control in the current session.
Trading activity remains above the GMMA lines, and the SRSI indicator lines have now taken an upward course. Consequently, it appears that traders using Forex signals with targets around or just above the 166.50 mark may eventually succeed, as technical indicators are aligned to predict a continued upside correction.
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