EURJPY Is Bullish! Long!

Take a look at our analysis for EURJPY.

Time Frame: 4h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish

The market is approaching a significant support area 161.571.

The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 162.497 level.

P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.

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Comment:

I am confident in this trade so I will keep it open!