EURJPY Consolidates Below 164.00 – forexschoolonline

The EURJPY market previously rebounded off the technical support last Friday. The market, however, currently lurks below the 164.00 threshold. As a result, this pair trades below key technical landmarks which may limit additional price increases in subsequent sessions.

Key Price Levels:

Resistance Levels: 164.00, 166.00, 168.00

Support Levels: 163.00, 161.00, 158.00

EURJPY Bullish Momentum Cools

The EURJPY market resumed an upward path during the past three sessions. The market proceeded upward but the momentum cooled as we approached the yuletide. As of today, the pair has recorded a further upside momentum decline, resulting in a minor downward correction.

Nevertheless, prices remain above the 20-, 50-, and 100-day Moving Average (MA) lines. The Stochastic Relative Strength Index (RSI) curves are in the overbought region but the lead line is deflected toward the lagging lines concerning the minor downward retracement.

EURJPY Hovers Above Key Support

In the EURJPY market, it can be seen above all the MA lines in the 4-hour market. The market has been slightly declining since the previous session. The last price candle on this chart can be seen still appearing red and like an inverted hammer but above all the MA lines.

At the same time, the Stochastic RSI lines are still in the overbought region but maintain an upward trajectory. Therefore, it appears the market may pick up more pace following a rebound off the 20-day MA lines, towards the 164.00 mark and beyond.

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