The EURJPY market has once again risen above the 170.00 price level. However, the Euro side of the market seems tranquil on a fundamental basis, while most propulsion appears to be emerging from the JPY side. The price action here maintains a general upward trajectory at the moment. Let’s see how things may fare shortly.
Key Price Levels:
Resistance Levels: 172.00, 174.00, and 176.00
Support Levels: 170.00, 168.00, and 166.00
EURJPY Hits a Rejection at the 171.55 Mark
Bulls in the EURJPY market have been on a winning streak since the start of the week. Consequently, this has propelled the market further above the 20-day Exponential Moving Average (EMA) lines. However, price movement in this market seems to have hit a wall at the 171.55 mark, as the market deflected slightly downwards off that resistance.
Despite the deflection, the bars of the Moving Average Convergence Divergence (MACD) lines are still trending upward above the equilibrium level. Additionally, the bars of the indicator retain their vivid green coloration. Technically, this suggests that upside forces are still active in the market and may likely break the tested resistance.
EURJPY Rebounds Off the 20-Day EMA Curve
For the second straight session, EURJPY price action has maintained its upside correction. However, this can be seen only on a market time frame of 4 hours. Price action has staged an upside rebound above the 20-day EMA lines. But on the contrary, the MACD lines have delivered a bearish crossover above the equilibrium level.
Also, the imdicator bars are still solid red below the equilibrium level. This seems a bit lagging as price movement continues to correct upwards, although not strongly at the moment. Consequently, this suggests that traders can still aim for a break above the 171.55 resistance towards the 172.50 mark.
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