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Forex | EURJPY | Buyers Setting Up For a New Push Higher?

Published: 27.04.2023
by Joseph Jeffriess

Today’s focus EURJPY (EURUSD & GBPUSD)

Pattern – trend continuation
Possible targets – 148.30 – 148.65
Support – 146.65
Resistance – 148.30
Indicator support – hard sloping EMA, 0 line dip and break.

Looking at the EURJPY, we can see that buyers have started to set up a new continuation pattern after yesterday’s fightback buyers have set new highs today but still remain below Tuesday’s selloff. Yesterday’s fightback bounced off 146.65 and reconfirmed that level as support. We want to see buyers continue to push higher today and hopefully retest 148.30. At a minimum, I’d like to see the price close above yesterday’s high.

The EMA remains on a firm upward slope, supporting buyer momentum. The CCI has dipped and moved back above the 0 line, a solid sign that supports a continuation. Indicators only support a set-up they can’t predict. If the price reverses, this could change their current display.

This pattern is not just seen on the E/J. We have also looked at the EURUSD and GBPUSD in the video, as they are also showing a similar pattern. Those two markets also have resistance and ranges to beat to confirm their continuations with a breakout.

Today’s market analysis.

Thanks for stopping by. Good trading, and have a great day.

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