EURJPY’s price activity managed to recover above an important technical landmark. However, the 162.00 threshold appears to have presented a strong barrier to further upward movement in the market. Nevertheless, the market has maintained a bullish outlook for the time being.
Key Price Levels:
Resistance Levels: 165.00, 170.00, 175.00
Support Levels: 158.00, 155.00, 150.00
EUR/JPY Eyes Nearby Support as Dollar Strengthens
The EURJPY daily market experienced a sharp downward rebound three sessions ago, causing the market to oscillate near the middle band of the Bollinger Bands. Today’s trading activity has moderate volatility, making it look promising.
Combined with the fact that the current session remains above the middle band of the Bollinger Bands, this suggests the possibility of an upside continuation. Meanwhile, the Stochastic Relative Strength Index (Stochastic RSI) lines are now approaching a bullish crossover near the 70 mark.
EURJPY Bullish Are Aligning
On the EURJPY 4-hour chart, the market shows consistency with signs that prices are poised for further increases. The most recent price candle stands above the middle band of the Bollinger Bands indicator. Also, the upper and lowest bands of the indicator are contracting.
Similarly, the Stochastic RSI lines are moving upward, with the leading line now above the 50 level. This aligns with the market’s upward trajectory, suggesting that the market may breach the 162.00 threshold.
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