The EURJPY has seen a significant price surge in today’s trading session. This seems more significant than the one seen in recent trading sessions. This price move seems largely due to the rate hike on the JPY side of the market, and the pair is riding this tailwind towards higher price marks.
Key Price Levels:
Resistance Levels: 163.94, 164.50, and 165.50
Support Levels: 163.50, 162.50, and 161.50
EURJPY May Cross the 164.00 Threshold
The EURJPY market, as earlier stated, has witnessed a significant price increase in today’s trading session. This has placed the market above the Guppy Multiple Moving Average (GMMA) lines. This has placed buyers at an advantage or led to more profits since this may further stimulate bullish interest among traders.
Also, the Relative Strength Index (RSI) lines have resumed trending upwards after the price surge aborted the initial trend reversal move. The appearance of the last price candle here suggests a strong bullish tone in this market at this point in time. Consequently, this has bolstered hopes of further price increases, making bullish Forex signals quite valid in this market.
EURJPY Maintains a Bullish Stand
In a smaller time frame of a 4-hour EURJPY market, it could be seen that price action stands face-to-face at a psychological price level of 164.00. The last price candle on this chart shows that the mentioned level is proving to be a bit difficult to crack. Nevertheless, the fundamental session seems strong enough to attempt to crack this price mark. Price action remains above the GMMA lines.
Likewise, the lines of the RSI continue to trend upward towards the overbought region of the market. Considering the appearance of the last price candle, it shows that the tailwind is pushing hard, which has caused the session to contract upward. Therefore, traders can still anticipate price action reaching the 164.50 mark.
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