Hello traders, Prospects of the currency pair EUR/JPY based on technical analysis. The main focus will be on resistance and support levels, volumes, and basement indicators. So, let's look at the chart:
The pair has broken through the resistance level and continued to move upwards. However, I don't think the growth will continue because we are almost hitting the next resistance level, and a correction is simply necessary to gather energy for further growth. Now, let's see what the indicators are telling us. The pair has risen well, easily hit the target, and keeps looking upwards. On the chart, it is visible that the pair tested the level of 184.21 and is currently trading at a price of 184.19. The RSI is moving beyond the oversold zone and hesitantly looking upwards, while the AO is showing a strong buying signal. The price of the EUR/JPY pair is significantly above the previous day's trading range. The signals are very strong but indicate the end of the movement, so there is a possibility of a very slight increase, followed by a decrease. I assume that the pair will test the support level of 183.60. Based on the analysis, cautious sales are recommended until 182.70. However, remember that the market can be subject to sudden changes, so carefully assess your risks.
