10:00, 05 April
EURJPY Daily Analysis
The EURJPY pair traded higher for the second straight session yesterday and settled at 131.10, after hitting a high at 131.20. As .of now, the daily MACD and RSI are heading towards the north, along with the stochastic indicator placed above its overbought .region, hints the presence of bullish momentum in the pair. Adding to it, the 8H momentum oscillators are trading above their .midlines, further confirming the above stance. Important resistance is placed at the 8H upper Bollinger band (currently trading at 131.52/55), followed by the 131.82/85 and the daily upper Bollinger band (currently placed at 132.13/15). A surge above the .latter might lead to further bullishness in the pair. On the other hand, key support is located at the 4H 200SMA (currently trading .at 130.98/95), followed by the 8H 50SMA (currently placed at 130.60) and the 130.23/20 level. A move back below the latter .might trigger negative momentum in the pair.