EURJPY has failed to capitalize on the better-than-expected Euro economic data. Price action in this market has taken a bearish turn. Looking at how things are playing out in the market, more downward corrections may yet occur as trading progresses.
Key Price Levels:
Resistance Levels: 160.00, 161.00, and 162.00
Support Levels: 159.42, 158.00, and 157.00
EURJPY May Fall through the Support at the 159.00 Price Level
EURJPY has experienced a considerable price decline in the ongoing session, evident in the corresponding price candle. With the pair now trading below the 21-day Moving Average (MA), the odds of further price declines are increasing.
Strengthening the possibility of further price declines is the Moving Average Convergence Divergence (MACD) indicator, as its leading line took a sharp turn toward the equilibrium level. Likewise, the last bar of the indicator has turned solid red, suggesting that downward forces are gaining momentum in this market.
EURJPY Stays Consistent With Promise of Additional Price Decline
Even in the 4-hour EURJPY market, downward forces are prevailing. The last price candle here can be seen closing in on the support level at the 159.00 mark while trading continues below the 21-day line. Furthermore, the MACD lines are now converging for a crossover below the equilibrium level.
The bars of the MACD have changed appearance to pale green, suggesting that any available upside forces are growing weaker. Consequently, bear traders in this market can align with forex signals with a target near 158.50 in the meantime.
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