EURJPY is in an uptrend since the February 4 low of 136.21 until today’s high of 141.02. Yesterday the pair breached the key psychological level of 140.00 to gain strong upward momentum. Adding to the bullish bias is the fact that the market action is above the Ichimoku cloud.
After hitting 141.04, prices met resistance and have retraced with sights set on a test of next support around the 140.25/29 area (Tenkan –Sen line and February 11 high). Below this the 140.00 psychological level comes into play.
139.50 is an important level to look out for as this is a key support level provided by the Tenkan- Sen and Kijun-Sen lines and upper cloud levels. A break back below the cloud will threaten the bullish scenario.
Technical indicators on the 4-hour chart are not giving any clear signals for near-term direction although are bullish. The RSI has flattened out but is close to 70. MACD is above zero and is technically in bullish territory.
On a move above resistance at 141.04, the next target will be 141.70 and 142.40.
EURJPY is in an uptrend since the February 4 low of 136.21 until today’s high of 141.02. Yesterday the pair breached the key psychological level of 140.00 to gain strong upward momentum. Adding to the bullish bias is the fact that the market action is above the Ichimoku cloud.
After hitting 141.04, prices met resistance and have retraced with sights set on a test of next support around the 140.25/29 area (Tenkan –Sen line and February 11 high). Below this the 140.00 psychological level comes into play.
139.50 is an important level to look out for as this is a key support level provided by the Tenkan- Sen and Kijun-Sen lines and upper cloud levels. A break back below the cloud will threaten the bullish scenario.
Technical indicators on the 4-hour chart are not giving any clear signals for near-term direction although are bullish. The RSI has flattened out but is close to 70. MACD is above zero and is technically in bullish territory.
On a move above resistance at 141.04, the next target will be 141.70 and 142.40.
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