Buyers in the EURJPY market have been favored due to the massive bullishness witnessed in the ongoing session. This has caused price action to progress even further higher after breaking the 162.00 mark. While the ongoing session has presented the biggest profits in recent times, technical indicators are hinting that more price increases may yet be experienced in this market.
Key Price Levels:
Resistance Levels: 163.99, 165.00, and 166.00
Support Levels: 163.00, 162.00, and 161.00.
EURJPY Extends Upside Retracement
Price activity in the EURJPY market has extended its upside retracement shortly after breaking through the resistance price level at the 159.00 mark. While price activity has progressed significantly upward in previous sessions, it is displayed that the ongoing session has witnessed a more significant momentum gain. This is revealed by the size of the price candle representing this session.
Likewise, the applied Moving Average Convergence Divergence (MACD) indicator lines can be seen replicating the behavior of price action on the daily chart. Additionally, green bars can be seen above the equilibrium level, indicating the notable strength of the bullishness.
EURJPY May Retrace the 165.00 Mark
EURJPY’s price action in the 4-hour market seems to be preparing to break the resistance 164.50 mark. Consequently, this may open the door for more upside corrections as buyers may mount more bullish pressure in this market. A new session has begun in this market, and it has yet to print more profits for long-term traders. Consequently, trading activities remain outside the Bollinger Bands. Additionally, following the recent crossover, the lines of the MACD now have a steep upside trajectory.
Also, the bars of the same indicator suggest that upside momentum is getting stronger considering its increasing length. As a result, traders can hope for further upside corrections, at least towards the 165.00 mark.
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