Price action in the EURJPY market had recently ventured close to the 158.00 mark. However, this seems to have resulted in the awakening of a headwind, which has forced a downward correction in price movement in this market. Let’s see if the bulls can shake this off.
Major Price Levels:
Resistance Levels: 156.00, 157.00, and 158.00
Support Levels: 155.67, 155.00, and 154.00
EURJPY Bears Have a Strong Grip on Price Action
The EURJPY came under the control of bear traders after its price action approached the 158.00 resistance price mark. It appeared that the bull had expended all its strength in thrusting this high. So, since two trading sessions ago, price action has been corrected towards lower piece marks. The display of the Relative Strength Index (RSI) indicator seems to spell out that the upside trend may have ended. This can be seen as the RSI curves are now trending steeply downward. At this point, the last price candle has broken through the upside-sloping trendline.
EURJPY Seems Unable to Shake Off Downward Forces
The activities on the technical indicators in the EURJPY 4-hour market aren’t showing many optimistic signs. This maintains that the pair may still may present bearish traders with more gains as opposed to bullish ones. A dash green price candle has just appeared off the lowest limit of the Bollinger Bands indicator. Such a minimal rebound suggests that buyers are too weak to cause an upside retracement in this market. Furthermore, the RSI curves are now in the overbought region. Unless significant market-influencing fundamentals come out of the Euro side, the market price action may head toward the 155.00 price mark.
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