- November 2, 2023
- Posted by: capadmin
- Category: Market News
EUR/JPY: Potential Uptrend Amid Pullback
The EUR/JPY hourly chart depicts an upward trajectory with a recent pullback from the 161.000 resistance. Key indicators suggest the pair’s momentum is cautiously bullish, though potential trend shifts warrant close attention.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
From October to November, the pair exhibited higher highs and lows, indicative of a bullish trend. A pronounced support exists around 157.590, while 161.000 acts as a formidable resistance. Currently, the price is navigating the vicinity of the 20-period Moving Average and the middle Bollinger Band, suggesting a possible continuation of the bullish sentiment if sustained. The Parabolic SAR, positioned below the price, affirms this upward momentum. However, its nearing convergence with the price hints at a momentum slowdown. Volume analysis further reveals pronounced activity during significant price movements. In essence, holding above the 20-period MA may lead to bullish continuation, but breaching below could signal a trend reversal.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.