Technical Analysis of Intraday Price Movement of EUR/JPY Cross Currency Pairs, Thursday June 8, 2023.
June 8, 2023 8:23 am
With the appearance of deviations between price movements and the Stochastic Oscillator indicator on the 4-hour chart the EUR/JPY cross currency pair which coincidentally also intersects with the Lower band of the Bollinger Band which also happens to form a Double Bottom pattern (the red circle indicates potential upward momentum from the EUR/USD currency pair). The JPY is currently in a Sideways/Ranging state.
Meanwhile, in the near future, EUR/JPY will try to break above the level of 150.14 and also if this level is successfully penetrated above, then the level of 150.97 will be tried as a second target, except that on the way to these targets, a correction suddenly occurs down to break. below the level of 149.22, all scenarios of a bullish rally as previously described will become invalid and cancel automatically.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
With the appearance of deviations between price movements and the Stochastic Oscillator indicator on the 4-hour chart the EUR/JPY cross currency pair which coincidentally also intersects with the Lower band of the Bollinger Band which also happens to form a Double Bottom pattern (the red circle indicates potential upward momentum from the EUR/USD currency pair). The JPY is currently in a Sideways/Ranging state.
Meanwhile, in the near future, EUR/JPY will try to break above the level of 150.14 and also if this level is successfully penetrated above, then the level of 150.97 will be tried as a second target, except that on the way to these targets, a correction suddenly occurs down to break. below the level of 149.22, all scenarios of a bullish rally as previously described will become invalid and cancel automatically.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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