FX.co ★ EUR/JPY
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EUR/JPY
Analysis for today I believe it's logical to consider entering the market for buying purposes. My conclusion is based on several factors: Firstly, the price is above the moving average MA200, indicating a bullish trend. Secondly, the pair closed above the opening level of the day, suggesting positive momentum. Thirdly, the price approached the upper Bollinger band during the day, indicating a likelihood of further upward movement. Finally, the RSI indicator shows acceptable levels, not indicating overbought or oversold conditions. I plan to set the take profit at 165.190 and adjust the position accordingly. after a small gap down, immediately took a course towards the north, and thus is already consolidating above the resistance level of 163.91. And as you can see on the chart, the bulls are not going to stop there, since a certain entry point for a buy has already been formed, and the bulls are already set to move further upward, and the next target is the resistance level of 164.57. And then, there is very little left to reach the total resistance level of 165.13. The daily chart shows that today's bullish candle almost completely absorbed Friday's bearish candle, so it was not in vain that the weekend passed for the bulls, who showed themselves to be strong today. Next week, I'll monitor support levels at 164.036 and 162.606. Near these levels, two scenarios could unfold: a reversal leading to upward movement or a further decline if support is breached. Depending on how the price reacts, I'll adjust my strategy accordingly, keeping an eye on resistance levels and potential bullish signals.
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