EURJPY recently lost balance on its way toward the 158.00 resistance price mark. However, some favorable data from the Eurozone seems to be Propelling the pair upwards. As of now, there has been a significant recovery as price action in this market have returned to its upside path towards the 158.00 mark.
Major Price Levels:
Resistance Levels: 157.50, 158.00, and 159.00
Support Levels: 157.00, 156.00, and 155.00
EURJPY Resumes its Upside Trajectory
Price action on the EURJPY daily market has considerably recovered from Bearish influences. Since about four trading sessions ago, the mood around the EUR has improved, and prices have started rebounding upward ever since. Furthermore, a green price candle can now be seen above the upside-sloping trendline, which signals that price action may have regained its upside trajectory.
Additionally, the Moving Average Convergence Divergence (MACD) indicator can be seen to have delivered an upside crossover above the equilibrium level. Also, a green histogram bar has appeared above the equilibrium level. This suggests that price action may still climb higher in the meantime.
EURJPY Is Maintaining Momentum Towards Target at 160.00
On the EURJPY 4-hour market, it could be seen that momentum could be described as rising. A green price candle has returned prices above the upside-sloping trendline, bringing prices to 157.45. Furthermore, the activities on the MACD indicator remain consistent with the observed price movements. This can be perceived as the lines of the indicator having resumed trending towards the equilibrium level from below it.
Additionally, the appearance of the last histogram bar of this indicator is foretelling that bulls are increasing in strength. As a result, traders can anticipate more upside thrust from upside forces toward the 159.00 price mark.
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