Technical Analysis –EURJPY consolidating at 5-year highs
December 24, 2013 11:39 am
EURJPY has been in an uptrend since November 8, hitting a 5-year high of 142.88 on December 18. On the daily chart, the 10-day moving average has crossed above the 20-day moving average which is a bullish signal and a good indication that the longer-term trend is intact.
EURJPY has approached key resistance at its 5-year high (142.88) and as a result has been consolidating for the past 2 weeks, finding support at 140.90. Above the current 5-year high, 143.50 is an important resistance level.
Technical indicators are giving bullish signals – RSI above 70 and MACD rising – although both have flattened out, warning of a possible correction.
A corrective move lower would target the next key support level at 138.40.
EURJPY has been in an uptrend since November 8, hitting a 5-year high of 142.88 on December 18.
On the daily chart, the 10-day moving average has crossed above the 20-day moving average which is a bullish signal and a good indication that the longer-term trend is intact.
EURJPY has approached key resistance at its 5-year high (142.88) and as a result has been consolidating for the past 2 weeks, finding support at 140.90. Above the current 5-year high, 143.50 is an important resistance level.
Technical indicators are giving bullish signals – RSI above 70 and MACD rising – although both have flattened out, warning of a possible correction.
A corrective move lower would target the next key support level at 138.40.
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