FX.co ★ PK-HERO | EUR/JPY

EUR-JPY DAILY TIMEFRAME CHART In the TF Daily reference, it can be seen that there is a bullish movement that is still moving in the range of the overbought area at RSI level 70. Currently, sellers seem to be trying to push the bearish correction movement further away from the limit of the overbought area. The bearish correction target still seems to have the potential to continue, especially to reach the RBS area below it at around 165.50 and try to reach the next demand area at around 164.65. The existence of sellers' efforts to try to change the direction of the trend to bearish can be confirmed early if the price declines below the crucial support area at around 162.27. Selling plans can be considered again if the decline moves below the 162.27 level and the target has the potential to test the movement limit of the 200 Ma (blue) in the 160.00 range. To continue the bullish trend efforts, they could resume if the price experiences a bearish projection condition in the range of the demand area and the RBS base at 164.65–165.30. Focus on making purchase transactions from this price level range with more valid bullish price action confirmation.

EUR-JPY H4 TIME FRAME CHART It is observed that the effect of the FOMC news also has a significant influence on EUR-JPY, where there is a bearish movement with very large power when the news is released, but what appears to be interesting is that the news effect is only for a short time, or rather creates conditions for a temporary correction due to the tendency of EUR-JPY to return to a bullish direction up to now. In the H4 time frame, technical analysis still maintains a bullish trend. It looks interesting. The technical picture of the H4 team refers to the MA area consisting of MA 50, MA 100, and MA 200 where the movement of EUR-JPY when it is directed bears were able to break the MA 50 and MA 100 but received a rejection response from the MA 200, and from this moment of rejection it triggered a bullish movement which was able to break the MA 50 resistance level as confirmation that EUR-JPY returned to the bullish trend as confirmation that EUR-JPY resumed the trend bullish.