The EURJPY pair has generated significant profits in today’s trading activity, despite investors awaiting President Negal’s speech. It seems that the EUR bulls have enough strength to keep gaining against the Japanese Yen. Let’s examine this market in more detail below.
Key Price Levels:
Resistance Levels: 164.50, 165.50, and 166.50
Support Levels: 164.00, 163.00, and 162.00
EURJPY Eyes the 165.00 Price Level
The EURJPY market has maintained its momentum as the pair continues to accrue profit gains for the second consecutive session. Today’s session has witnessed prices surpass the 164.00 ceiling.
The latest price candle stands above the Guppy Multiple Moving Average (GMMA) lines, while the Stochastic Relative Strength Index (SRSI) lines smoothly ascend out of the oversold zone, indicating potential luck for traders who entered the market with a bullish crypto signal in the previous session.
EURJPY Remains Largely Optimistic
Although the EURJPY market has experienced a slight downward correction in the ongoing session, closer observation suggests that upside forces remain favorable. The pair trades above the intersecting lines of the GMMA indicator, with the SRSI indicator lines recently producing a bullish crossover above the 70 level.
Traders should monitor fundamental Japanese trade balance data and JPY import data, as they could strengthen the bearish correction. Meanwhile, traders can target the 164.50 and 165.00 marks.
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