Favorable fundamentals seem to keep pushing the EURJPY price to the moon. Recently, price action in this market broke the resistance level of 155.49. Ever since then, the pair has been trading outside the price range of 152 and 155.49. Let’s see what may soon happen in this market.
Major Price Levels:
Resistance Levels: 157.55, 158.00, and 160.00
Support Levels: 157.00, 156.00, and 155.00
EURJPY Strains to Keep Prices Above a Key Support Level
Price action in the EURJPY market keeps showing upside determination. As the resistance price mark at the 158.00 mark seems very strong, price action appears trapped below this level. In the ongoing trading session, price action seems to have rebounded off the mentioned support.
However, the appearance of the last price candle on this chart suggests that bulls are resilient, as this price candle places the current price of the pair above the 9-day Moving Average (MA) line. Meanwhile, the lines of the Relative Strength Index (RSI) indicator can be seen converging for a bullish crossover.
This seems to be telling that buyers are focused on revisiting the resistance price mark at 158.00 shortly.
EURJPY Upside Promise Is Facing Strong Opposition
The 4-hour EURJPY market shows that the developing upside momentum is facing technical opposition. Here, the last price candle is a dash one. Also, this price candle has appeared above the crossed 9- and 21-day MA curves.
Although this price candle formed considerably above the previous bearish one, the fact that it has appeared below the MA lines suggests an unfavorable outlook. Furthermore, the RSI lines in this time frame are still falling toward the oversold area. Consequently, this is revealing that price action may retrace towards support at 157.00 shortly and perhaps lower in the coming session.
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