There is a bullish bias on the EUR/JPY cross. Price has risen by over 150 pips this week, and it is now above the demand zone at 132.50. The next target may be the supply zones at 132.00 and 132.50. There are also supply zones at 132.00 and 131.50, which may impeded any pullbacks along the way.
The EMA 11 is above the EMA 56, and the RSI period 14 is now above the level 50, which would become strong as price journeys further northwards. There is a Bullish Confirmation Pattern in the market.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/JPY
There is a bullish bias on the EUR/JPY cross. Price has risen by over 150 pips this week, and it is now above the demand zone at 132.50. The next target may be the supply zones at 132.00 and 132.50. There are also supply zones at 132.00 and 131.50, which may impeded any pullbacks along the way.
The EMA 11 is above the EMA 56, and the RSI period 14 is now above the level 50, which would become strong as price journeys further northwards. There is a Bullish Confirmation Pattern in the market.
The material has been provided by InstaForex Company – www.instaforex.com
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