The EURJPY pair seems unresponsive to the EU’s account surplus report as the pair retreats below the 162.00 price level. Nevertheless, from the perspective of technical indicators, it could be seen that upside market forces still have a chance at this point.
Key Price Levels:
Resistance Levels: 161.80, 162.00, and 163.00
Support Levels: 161.00, 160.00, and 159.00
EURJPY Sustains Above the Support at the 161.57 Mark
Price action in the EURJPY market rose above the Guppy Multiple Moving Average (GMMA) lines during the previous session on the daily chart. However, while the ongoing session seems to have recorded a moderate downward correction, prices in the ongoing session remain above the close of the previous session.
Likewise, trading continues to occur above the GMMA lines. The Moving Average Convergence Divergence (MACD) indicator lines have maintained a slight upside trajectory above the equilibrium level. On this front, technical indicators suggest that upside forces have a fighting chance.
EURJPY Choppy Characteristics May Overwhelm Buyers
In the EURJPY 4-hour market, it can be seen that price activity appears a bit unsteady. This is characterized by the appearance of numerous dashed-shaped price candles recently. The ongoing session here also appears as a dashed-shaped price candle, above the last of the green GMMA lines.
Likewise, while this seems unreliable, it could also signify that upside forces are trying to push the market back upwards. At the same time, the Stochastic Relative Strength Index (SRSI) lines have a general upside bearing. Nevertheless, the leading line of this indicator introduces a twist to that opinion. Therefore, traders can still utilize bullish Forex signals towards the 162.50 mark in anticipation that the pair may lay hold on helpful fundamentals.
Do you want to take your trading to the next level? Join the best platform for that here.
Leave a Reply