Recently, the EURJPY pair has exhibited considerable volatility, making it challenging to predict its future price action. However, in today’s trading session, this pair has displayed some predictability as it nears the 159.00 price level.
Major Price Levels:
Resistance Levels: 158.29, 159.00, and 160.00
Support Levels: 158.00, 157.00, and 156.00
EURJPY Aims for Higher Price Levels
The EURJPY market has shown signs of predictability as the current session continues to advance toward higher price levels. This marks a departure from the recent norm, where each session could take the pair in any direction. The ongoing session has positioned the pair’s price comfortably above the 21-day Moving Average curve, signaling strong bullish momentum.
Additionally, the Relative Strength Index (RSI) indicator has recently produced a bullish crossover within the overbought region. This consensus between the two applied technical indicators suggests a continuation of the upside correction in this market.
EURJPY Price Action Progresses Toward the 160.00 Mark
In the EURJPY 4-hour market, price action seems to have found solid support at the 21-day MA line. The last price candle on this chart rests above the MA line, and as a result, the pair’s price has moved higher.
The RSI indicator lines are also rising steeply following a bullish crossover near the 30 mark on the indicator. Taking these factors into account, it appears likely that the EURJPY may generate more profits as it heads toward the 159.20 mark.
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