FX.co ★ Technical Analysis of Intraday Price Movement of EUR/JPY Cross Currency Pairs, Tuesday March 05 2024.

Although today's bias for the EUR/JPY cross currency pair is to strengthen upwards, marked by the appearamce of the Bullish 123 pattern followed by the Bullish Ross Hook (RH) followed by its price movement moving above WMA 30 Shift 2, there are deviations between EUR/JPY price movements. JPY with the Stochastic Oscillator indicator on its 4-hour chart gives an indication that in the near future there is the potential for EUR/JPY to be corrected to weaken, which is important as long as the weakening correction does not broken below the 162.48 level, then EUR/JPY will rise again and strengthen again to test the 163.46 level if the level If this is successfully broken upwards, EUR/JPY has the opportunity to continue strengthening up to level 163.66 as the main target and if the momentum and volatility are supportive enough then level 164.25 will be the next target to be aimed at.

(Disclaimer)