EURJPY analysis for 18.10.2023

The EURJPY has been displaying bullish indications, notably through the Ichimoku Kinko Hyo indicator where the last cloud (Kumo) is green, signifying a potential uptrend. The price candles residing above the cloud further underscore this bullish sentiment. Additionally, the conversion line (Tenkan-sen) is positioned above the base line (Kijun-sen) and aligns with the candles, suggesting short-term buying pressure. However, the Relative Strength Index (RSI) stands at 49, indicating a neutral momentum. Furthermore, the RSI-based MA line is trending downwards, which could hint at potential bearish divergence. Considering these dynamics, caution is advised as the market could show mixed signals in the near term.

• There is a resistance level at 1.68000; followed by resistance at 1.67445 and 1.69025.

• There is a support level at 1.64000, Below, there are 1.63225 and 1.65479.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

October 18, 2023

EURJPY analysis for 18.10.2023

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