EURJPY is currently respecting a strong ascending trendline that has acted as dynamic support for several years. Price recently rebounded from both the horizontal support zone and the rising trendline, indicating strong buying interest at this confluence area.
Now, the pair is attempting to break above a key resistance zone marked by a descending trendline. A successful breakout above this area could signal a potential continuation of the long-term bullish trend.
The RSI is also showing a bullish divergence, which adds confluence to the bullish bias. However, rejection from resistance could trigger a retest of the support zones.
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Now, the pair is attempting to break above a key resistance zone marked by a descending trendline. A successful breakout above this area could signal a potential continuation of the long-term bullish trend.
The RSI is also showing a bullish divergence, which adds confluence to the bullish bias. However, rejection from resistance could trigger a retest of the support zones.
Found this helpful? Like & follow us for more high-quality market insights.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.