The EURJPY market had bounced off the support at the 164.00 mark. However, price movement seems to be more conservative at this point. Market participants seem to be anticipating further impetus, despite that the market appears to be on an upside retracement.
Key Price Levels:
Resistance Levels: 164.115, 165.00, and 166.00
Support Levels: 164.00, 163.00, and 162.00
EURJPY Traders Are Cautious
From a much broader perspective, one can assume that the EURJPY market seems to remain largely on an upside retracement. However, some notable events are ongoing and demand attention. Price action in the EURJPY market had rebounded off the support around the 164.00 mark in the previous session.
Nevertheless, the ongoing session seems to be more reserved in terms of price movement. Yet, market activities are still happening above the Guppy Multiple Moving Average (GMMA) curves, which somehow sustains bullish hopes in this market. Also, the Moving Average Convergence Divergence (MACD) lines continue to trend upward above the equilibrium level, and this also sustains upside hopes.
EURJPY Buyers Are Retaining Their Position
Buyers in the EURJPY market are holding onto their ground. The last price candle on this chart stays above most of the GMMA lines. This seems consistent with activities on the daily market.
Simultaneously, it could be perceived that the MACD indicator lines have significantly converged while above the equilibrium level.
This hints that the market may move more violently should the ECB speech provide additional momentum to price dynamics. Therefore, traders can still put bullish Forex signals to use in this market in anticipation that price action may hit the 165.00 mark soon.
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