EURJPY Eyes Support at the 162.00 Price Level

The EURJPY market has continued to edge lower towards the 162.00 price mark. This is happening ahead of the European export, import, and trade balance data. These fundamentals are due to roll out tomorrow and may assist the pair in regaining bullish traction.

Key Price Levels:
Resistance Levels: 163.00, 163.50, and 164.00
Support Levels: 162.50, 162.00, and 161.50

EURJPY Dips Towards the 162.43 Mark

In more recent times, prices in the EURJPY market have largely remained between the 162.00 and 163.00 marks. However, the Euro side of the market seems to lack the courage, as per fundamentals, to trade above the 163.00 mark. The current session has landed a moderate downward correction, judging by the size of the price candle representing it.

Nevertheless, the middle limit of the Bollinger Bands seems like insurance at this point. Meanwhile, the Moving Average Convergence Divergence (MACD) lines have a slightly downward bearing above the equilibrium level. The last bar on the MACD indicator now has a solid red appearance. This seems to reveal the strength of the headwind at this point.

Bears Retain the Lead in the EURJPY Market

The EURJPY 4-hour market has maintained the same stance as found in the daily market. The last price candle on the chart can be seen dipping further below the recent price candles on this chart. In this market, price action is now closer to crossing below the middle limit of the Bollinger Bands. This will signal more profits for bear traders, as the MACD indicator lines are also getting closer to a bearish crossover.

While the MACD lines are now above the equilibrium level, they can be seen converging for a crossover. Nevertheless, with price action still above the middle limit of the Bollinger Bands, bear traders can only anticipate that the support at that part of the indicator fails to hold. As a result, they might want to retain the use of their bearish Forex signals as the market approaches the 162.00 mark.

Do you want to take your trading to the next level? Join the best platform for that here.