EURJPY

11:55, 26 March

EURJPY Daily Analysis

The EURJPY pair posted marginal losses on Friday to settle at 129.40, after nudging a low at 128.95. Although the daily MACD is tranquil in its negative region, the RSI and stochastic indicators are sharply heading towards the north, reflecting at a positive technical outlook. In addition, a signal line crossover from below by the 4H MACD, accompanied by the 8H RSI and stochastic .indicators trading with an upside bias, further validates the above stance. Key technical resistance is placed at the 2H upper Bollinger band (currently trading at 130.06/10), followed by the 4H 50SMA (currently placed at 130.40) and the 130.85 level. A sustained break above the latter might lead to positivity in the pair. On the other hand, crucial support is seen at the 129.35 level, followed by the 8H lower Bollinger band (currently trading at 129.01/00) and the 128.58/55 level. A move back below the latter .might trigger further negative momentum in the pair.