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.