The EURJPY has been able to maintain an overall bullish cycle, which seems to have started around March 2023. Ever since then, price action has been retracing higher ground. At this point, the market seems to have broken a crucial resistance at the 164.00 mark and is closing in on another resistance level.
Key Price Levels:
Resistance Levels: 164.75, 165.50, and 166.50
Support Levels: 164.00, 163.00, and 162.00
EURJPY Bulls Seem to Be Stronger
As previously mentioned, the EURJPY market has moved on after breaking the 164.00 psychological level. Price action in this market continues to close in on the 165.00 mark. However, the ongoing session has presented a minor bearish correction above the Guppy Multiple Moving Average (GMMA) lines.
Simultaneously, the Stochastic Relative Strength Index (SRSI) indicator lines have maintained a smooth upward trajectory, aligning with the bullish sentiment about this market. Consequently, this suggests that the market may progress further upward, making bullish Forex signals still usable in this market.
EURJPY Seems Ready to Keep Its Focus on the 165.00 Mark
Here in the 4-hour market timeframe, it appears that the mentioned downward correction is more pronounced. However, the current session suggests that price activity may have started recovering from the downward correction.
The last price candle here is a green one and keeps the pair trading above most of the GMMA indicator lines, favoring the bulls and bolstering hope for an uptrend continuation. However, the SRSI indicator lines show an exaggerated downward crossover, likely due to the downward correction from the previous session. Nevertheless, the hyperactive characteristics of the indicator line hint that headwinds are weak, and the market may continue toward the 165.50 mark.
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