Posted on February 19, 2015 by the XM Investment Research Desk at 8:08 am GMT
EURJPY has maintained its corrective bounce from the 130.13 low hit on January 26 (17-month low). The near-term picture looks bullish as the daily tenkan-sen crossed above the kijun-sen line. Also in other indicators, the daily stochastic crossed above its signal line, so this is also a bullish signal. The RSI is rising steadily.
To the upside, the next target would be the February 11 high of 136.68 which is also where the 23.6% Fibo lies from the 94.09 – 149.76 upleg. Below 133.66 would threaten the corrective move and the downside could resume towards the 130.13 low.