EURJPY finds footing but buyers not out of the woods yet

EURJPY finds footing but buyers not out of the woods yet

From xm.com

video EURJPY is recovering from its spike below the 133.00 mark, where the rising 100-day simple moving average (SMA) underpinned the price, following one-month of declines from the multi-year peak of 140.00. Despite the recent retracement in the pair, the ascending SMAs are endorsing the positive outlook. The Ichimoku lines indicate that negative forces have softened, while the short-term oscillators are conveying mixed messages in directional momentum. The MACD remains beneath its red trigger line and is promoting negative impetus. However, the climbing RSI and the positively charged stochastic oscillator are ... (full story)

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May 17, 2022 9:11am May 17, 2022 9:11am

traderathome
Joined Mar 2008 | Status: PVSRA with Traderathome | 1,347 Comments

"EURJPY finds footing....." Oh really?

H4 chart shows significant relative increase in activity as MMs pump price up to a half level. So, it could well be that SM bears took some profits 300-400 pips lower, on their previous sell orders that were filled above this same half level (or higher) area, and have again placed additional new sell orders back up here.....looking to "Double Dip" on the next move back down.........HTMRW.

And, of course, the MMs will be needing part of the market to give them liquidity to fill the new SM sell orders, by going long..........HTMRW.

Volume....which "news" typically excludes....can be a VERY important clue.........

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Posted: May 17, 2022 6:52am
Submitted by:
Newsstand

Category: Technical Analysis

Comments: 1 / Views: 508