EURJPY has spontaneously challenged the 160.00 level once more. This occurred as the price action breached the support at the 158.00 mark. However, the sudden upward movement has drawn the attention of bear traders, resulting in some downward rejection in the session.
Key Price Levels:
Resistance Levels: 159.92, 160.50, and 161.50
Support Levels: 159.00, 158.00, and 157.00
EURJPY Retreats Below the 160.00 Mark
Swing traders in the EURJPY daily market have noted a sudden price surge from just below the 158.00 mark to the 160.00 mark. Consequently, this has led to the price action of this pair rising above the Guppy Multiple Moving Average (GMMA) curve.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator lines have just exhibited a bullish crossover while remaining above the equilibrium level. With the price action still above the Moving Average lines, it’s more likely that this market will maintain an upward trajectory.
EURJPY Still Likely to Rise Further
Although the EURJPY market exhibits choppy characteristics, it appears to maintain a good position for further upward corrections. Despite the appearance of the price candle representing the ongoing session below the close of the previous one, Consequently, this suggests that the 160.00 price mark retains its strength.
Therefore, the MACD indicator bar has turned pale red. However, the fact that the pair still trades above most of the GMMA lines indicates that the resistance at the 160.00 mark may still face challenges in subsequent sessions. Nevertheless, fundamentals will play a key role in any break of the price action through the resistance towards the $161.00 mark.
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