EURJPY Contests Uptrend Line, Bullish Bias Secure

EURJPY’s recent pullback from a 29-month high of 130.66 has been countered by a rebound off the uptrend line, pulled from the 121.61 troughs. The bullish simple moving averages (SMAs) are defending the positive structure, while they bounce off the uptrend line appears to have provided the climb with fresh footing. The rising blue Kijun-sen line is also backing the ascent in spite of the dipping red Tenkan-sen line.


The short-term oscillators are indicating that the pair may be regaining essential positive momentum. The MACD, although in the positive region and below its red trigger line, has stabilized and maybe regaining the upper hand. The RSI has nudged back above the 50 levels and looks set to improve, while the positively charged stochastic oscillator is endorsing positive price gains.


If the established foothold off the diagonal line prods the pair above the blue Kijun-sen line at 129.47, initial resistance could arise from the 129.93 nearby high before the price retests the 130.66 multi-year top. Should bullish risks prevail, the next resistance barrier could be found at 131.24, which happens to be the 176.4% Fibonacci extension of the down leg from 127.06 to 121.61. Extending the hike even further could then bring into proximity the 132.00 handles.


Otherwise, if positive momentum subsides, the sturdy uptrend line could draw focus once again. The next key boundaries to oppose the decline are the 128.17 borders, where the cloud’s upper surface and the 50-day SMA both currently reside, followed by the zone from the floor of the cloud at 127.51 until the 127.30 barriers. However, a deeper retracement may meet the 100-day SMA at 126.93 before targeting the 126.09 low.


Summarizing, for EURJPY’s bullish outlook to endure, the price would be required to remain above the uptrend line, the SMAs, and the 128.17 troughs.


0 views0 comments

Credit 

Caution:

Trading involves the possibility of financial loss. Only trade with money that you are prepared to lose, you must recognize that for factors outside your control you may lose all of the money in your trading account. Many forex brokers also hold you liable for losses that exceed your trading capital. So you may stand to lose more money than is in your account. Smart Analysis Pvt takes not responsibility for loss incurred as a result of our trading signals. By signing up as a member you acknowledge that we are not providing financial advice and that you are making a the decision to copy our trades on your own account. We have no knowledge on the level of money you are trading with or the level of risk you are taking with each trade. You must make your own financial decisions, we take no responsibility for money made or lost as a result of our signals or advice on forex related products on this website.

PayPal

Credit  & Debit Card

  • Black Facebook Icon
  • Black Instagram Icon
  • Black YouTube Icon

© 2023 by Personal Life Coach. Proudly created with Wix.com