Like its USD/JPY counterpart, there is yet to be a significant movement in this cross. The targets at the supply zones at 133.00 and 133.50, and 134.00, remain valid. They may even be exceeded as price journeys further upwards this week.
There is a Bullish Confirmation Pattern in the market, which would become more and more serious as price goes northwards. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. The price action also reveals that bulls are intent on pushing price further upwards.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/JPY
Like its USD/JPY counterpart, there is yet to be a significant movement in this cross. The targets at the supply zones at 133.00 and 133.50, and 134.00, remain valid. They may even be exceeded as price journeys further upwards this week.
There is a Bullish Confirmation Pattern in the market, which would become more and more serious as price goes northwards. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. The price action also reveals that bulls are intent on pushing price further upwards.
The material has been provided by InstaForex Company – www.instaforex.com
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