The EURJPY 4H chart shows signs of market consolidation within the Bollinger Bands. The currency pair has been oscillating between the upper and lower bands, indicating periods of volatility followed by stabilization. Notably, the Parabolic SAR dots, initially above the price candles suggesting a bearish trend, have recently moved below them, hinting at a possible bullish reversal. However, the proximity of the price candles to the middle Bollinger Band indicates a lack of strong directional bias. Traders should exercise caution and wait for a clear breakout from the bands or a consistent trend in the Parabolic SAR before making decisive moves. The upcoming sessions will be crucial to determine the pair’s next direction.
• There is a resistance level at 158.924; followed by resistance at 159.353 and 159.914.
• There is a support level at 157.676 Below, there are 157.020 and 154.415.
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 31, 2023