EURJPY, 240 min
March 14th I published an analysis on EURJPY suggesting that the pair would provide opportunities on both short and long sides. Price was about to roll over from the daily Bollinger bands and move to my buy area. As the pair was trading at 126.26 at the time of writing I suggested we could take a short between 126.50 and 126.80. Price rallied to 126.70 and faced heavy selling. This resulted in my 125.45 target being hit on March 15th. The long trade idea was to look for buy signals at or inside the area with Target 1 is at 126.60 – 127.60 and Target 2 at 128.00 – 128.60.
Now the long side target 1 has been hit also and EURJPY is attempting to crawl towards the target 2. The daily chart shows some loss of momentum at the upper daily Bollinger Bands and Stochastics possibly rolling over from the overbought zone. However, the weekly picture looks still promising which means that it could push higher after a pullback. The nearest important support level is at 126.60 a previous resistance that coincides with 38.2% Fibonacci retracement level.
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Chief Market Analyst
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