EURJPY buyers push upward, challenging critical resistance levels

<p>EURJPY is currently witnessing a notable shift as buyers are increasingly asserting their presence. They have successfully pushed the pair above a critical swing area, which spans between 156.78 and 157.04. Furthermore, the price has managed to climb above the 100-hour moving average, marked at 157.123. This movement also includes fluctuations above and below the 38.2% Fibonacci retracement level, derived from the downward trend commencing from the high on November 16.</p><p>However, a challenge has emerged in maintaining this upward momentum, particularly around the 38.2% retracement level. Despite this, the sustained position above the 100-hour moving average and a gradual ascent from this level are encouraging signs for the buyers. It signals an increasing control over the market dynamics.</p><p>Looking ahead, traders are now turning their focus towards significant resistance levels. Notably, the 50% midpoint of the downward move from the November 16 high converges with both the 100-day moving average and the 200-hour moving average, creating a critical resistance zone between 158.69 and 158.90. The consolidation of these levels indicates a robust barrier, but with buyers gaining momentum, they are seemingly poised to challenge this resistance.</p><p>In my video analysis, I delve deeper into these important levels and targets, explaining their significance and the implications for EURJPY's market trajectory. I discuss why these specific points are pivotal for understanding the current market play and what they could mean for future price movements.</p>

This article was written by Greg Michalowski at www.forexlive.com.