The EURJPY market is steadily retracing its steps towards a higher price level. This seems to be occurring while the eurozone appears relatively quiet. Meanwhile, the pair has witnessed a significant downward correction from an all-time high around the 169.00 price level.
Key Price Levels:
Resistance Levels: 167.00, 168.00, and 169.00
Support Levels: 166.00, 165.00, and 164.00
EURJPY Is Making Minimal Upside Recovery
Price action in the EURJPY daily market has seen a sharp downward correction. The mentioned downward correction brought the market sharply downward from above the 169.00 price mark. However, the market leveled shortly after breaching the support at the 166.00 price level.
Price action has started a new upward path since the past two sessions, which has led to the market rising past the middle limit of the Bollinger Bands indicator. Additionally, the Stochastic Relative Strength Index (SRSI) can be seen rising out of the oversold region. This suggests that traders can still make use of bullish Forex signals, as the market has an upside trajectory.
The EURJPY Market Has Positive Choppy Characteristics
Moving to a EURJPY 4-hour market, one can see that price action seems choppier than it seems on the daily market. However, upside momentum seems to have benefited significantly from it. This can be seen as green price candles appeared off the upside-sloping trendline about eight sessions ago.
Price action is now above the middle limit of the Bollinger Bands. Meanwhile, the ongoing session has also started on a bullish path. Simultaneously, the SRSI lines can be seen delivering a quick bullish crossover while near the peak level of the indicator. At this point, traders can still anticipate that the market may approach the 167.50 mark.
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