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EURJPY Forecast – October-13-2023

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In our latest EURJPY forecast, we’ve observed that the EURJPY currency pair has been trading within a range between 154 to 159 since early August. This range-bound movement is a common occurrence in forex trading when the forces of supply and demand are closely matched.

EURJPY Technical Analysis

FxNews – Currently, the EURJPY pair is maintaining a bullish bias, as it’s trading above the Ichimoku cloud. The Ichimoku cloud is a popular technical analysis tool that defines support and resistance, identifies trend direction, gauges momentum, and provides trading signals. Interestingly, the pair failed to close below the cloud, indicating that the bulls are in control. They’ve managed to push the price back above the Ichimoku cloud, and now, EURJPY is testing the previously broken support.

EURJPY Forecast - October-13-2023

EURJPY Forecast – October-13-2023

The main resistance for this currency pair lies at the 158.57 threshold in the 4H chart. With the Relative Strength Index (RSI) hovering above 50, we anticipate this level to be breached in upcoming sessions. The RSI is a momentum oscillator that measures the speed and change of price movements. Traditionally, readings over 70 are considered overbought, and readings under 30 are considered oversold. However, in trending markets, a reading above 50 can indicate that the uptrend is in good health and likely to continue.

EURJPY Forecast - October-13-2023

EURJPY Analysis – 4H Chart

On the other hand, support for EURJPY is at 154.42. For the bears to take control of the market and end the current bullish sentiment, they must push and close below this level.

In conclusion, our EURJPY Analysis suggests a potential continuation of the bullish trend unless key support levels are broken.

  • 13 October 2023
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