Exhaustion has finally taken its toll on EURJPY price action, as price action in this market retreated below the previously broken resistance price mark. The bears in this market seem to be out for more blood as price action maintains a downward propensity.
Major Price Levels:
Resistance Levels: 154.62, 156.00, and 157.50
Support Levels: 154.00, 153.00, and 152.00
EURJPY May Fall Lower
As earlier mentioned, price action in the EURJPY market continues to appear weak even after falling below the 155.0 mark. Also, technical indicators aren’t showing much sign of optimism as trading continues.
The last price candle is a moderate-size bearish price candle. Also, it is appearing following a bearish crossover delivered by the 9- and 21-day Moving Average curves. By implication, price behavior in this market seems to have indicated a clear downtrend.
Furthermore, strengthening the above-drawn inference is the Relative Strength Index (RSI) indicator, as it has delivered a bullish crossover while still in the oversold region. This suggests that the price may revisit lower levels.
EURJPY Buyers Are Weakly Opposing Headwinds
The EURJPY 4-hour market seems to be showing that bulls may be only delivering the last kicks of a dying horse. This can be observed as the tiny dash price candle has only managed to appear over the previous session until now. This has only managed to lift prices a bit but keeps trading activities below the MA lines.
Consequently, this suggests that sellers are still in control of price movements. Likewise, The RSI lines are still in the oversold region, with the leading one bending slightly sideways due to the appearance of the two-dash price candles on this chart. Traders can still expect a downward retracement toward the 153.00 price mark at this point.
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