EURJPY

11:38, 18 April

EURJPY Daily Analysis

The  EURJPY  pair  traded  lower  in  the  previous  session  to  settle  at  132.37,  after  nudging  a  low  at  132.11.  As  of  now,  the  dailyMACD  and  RSI  indicators  are  moving  towards  the  north,  along  with  the  stochastic  indicator  placed  in  its  overbought  territory,indicates a positive technical outlook. In addition, a potential signal line crossover from below by the 4H MACD, accompanied by the 8H RSI and stochastic indicators trading with a bullish tone, further validates the above view. Immediate resistance is placed at  the  133.19/20  level,  followed  by  the  133.46/50  and  133.76/80  levels.  A  sustained  break  above  the  latter  might  lead  to bullish  momentum  in  the  pair.  On  the  other  hand,  key  support  is  situated  at  the  2H  20SMA  (currently  placed  at (132.53/50), followed  by  the  4H  50SMA  (currently  trading  at  (132.18/15)  and  the  131.81/80  level.  A  breach  below  the  latter  might  trigger negativity in the pair.