The EUR suddenly grew weak against the Japanese yen, causing the EURJPY pair to turn south. This happened following a period of consolidation between the price range of 159.00 and 155.40. However, the new week has delivered some gloomy outlook to the euro, thereby creating headwinds for this pair.
Major Price Levels:
Resistance Levels: 156.00, 157.00, and 158.00
Support Levels: 155.91, 155.00, and 154.00
EURJPY May Hit the 155.40 Mark Shortly
Price action in the EURJPY 24-hour market suddenly turned strongly bearish. Likewise, considering the magnitude of the printed losses in the previous session and the ongoing one, more traders are likely to join the downtrend. The last price candle on this chart has burst out through the lowest limit of the Bollinger Bands. Also, since the previous session, red bars have been appearing below the equilibrium level of the Moving Average Convergence Divergence (MACD) indicator, with the one for the ongoing session appearing bigger than the one before it. Technically, this shows that headwinds are gaining more momentum as trading activities progress.
EURJPY Stays Consistent with Gloomy Outlook
Even on a shorter time frame of 4 hours, the EURJPY market maintains the promise of presenting bear traders with more profits. Consequently, this threatens the development of a significant upside rebound. While the market maintains very choppy characteristics, the ongoing session has presented bear trades with the most profits in recent times. The current price of this pair stays below the lowest limit of the Bollinger Band indicator. Likewise, the lines of the MACD have fallen below the equilibrium level as the bars of the same indicator continue to grow taller on the negative axis. By implication, it appears the market is heading towards the 155.00 mark.
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