FX.co ★ Aesthetic | EUR/JPY

Have a nice day and lots of profit, everyone! At the moment, my trading strategy based on a complex of Heiken Ashi, TMA, and RSI candlestick indicators tells me that it is high time to buy the currency pair or instrument since the agreed signals of the system indicate that the bulls have clearly turned the tide of events, and, in this regard, only purchases are a priority now. Heiken Ashi candlesticks, which smooth and average the value of price quotes well, unlike traditional Japanese candlesticks, help to see both reversal moments and corrective rollbacks and impulse shootouts in time. The TMA (Triangular Moving Average) linear channel indicator, which draws current support and resistance lines on the chart using moving averages, is also an excellent aid in trading, showing the asset movement boundaries corresponding to the moment. For the final filtering of signals and making a final decision on concluding a deal, the RSI oscillator is used, indicating the overbought and oversold zones of the traded pair. Such a choice of trading instruments, in my opinion, significantly improves the technical analysis process and helps to avoid erroneous market entries as much as possible. So, on the provided chart of the pair in question, a situation has arisen in this period when the Heikin Ashi candles have changed color to blue, which means that the bullish mood now has priority over the bearish one, and therefore you can look for a good entry point to enter the market in order to conclude a long deal. Price quotes went beyond the lower boundary of the linear channel (red dotted line), but, having reached the lowest LOW point, they bounced off it and changed direction towards the central line of the channel (yellow dotted line).

The daily chart will remain in favor of sellers today. It's also crucial to consider the scheduled news events this week, as they can heavily influence market behavior. News can introduce volatility and can push the market in either direction, regardless of technical signals. For this reason, traders should stay informed about any economic data releases or significant geopolitical events that might affect currency values. These events can override typical support and resistance levels and lead to unexpected price movements, so caution is advised when approaching the market under such conditions. Broadly speaking, the EURJPY market seems more inclined to move upward rather than decline. The overall sentiment in the market suggests that buyers are still in control, and this could push the price to test higher levels, such as 162.65. If this level is reached, it could signal even more upside potential, provided that no significant negative events disrupt the current trend. Generally, while some might consider selling at the support level of 162.35, the prevailing trend suggests that it is more likely for the EURJPY market to continue its upward trajectory. Keeping an eye on news events will be essential for managing risk, as they can shift the market's direction suddenly.