11:15, 11 April

EURJPY Daily Analysis

The EURJPY pair posted significant gains in the last session and closed above the daily upper Bollinger band (currently trading at 132.47) at 132.46, after notching a high at 132.62. A positive centerline crossover by the daily MACD, along with the RSI and stochastic indicators tranquil above their 50lines, hints the presence of bullish momentum in the pair. Adding to it, the 8H momentum oscillators are trading with a positive showing, further confirming the above outlook. Crucial resistance is aligned at the 4H upper Bollinger band (currently trading at  132.65), followed by the 133.01/05 and 133.36/40 levels. A surge above the latter might trigger further positive momentum in the pair. Meanwhile, key technical support is placed at the 2H 20SMA (currently trading at 132.05), followed by the 131.75 and 8H 20SMA (currently placed at 131.38/35). A move back below the latter might turn the main trend to bearish.