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8 Apr 2013
Forex: EUR/JPY leaves 125.50-128.00 weekly supply behind
FXstreet.com (Barcelona) - The astounding rise in the EUR/JPY continues its course, and after last week's more than 5% gains, the exchange rate has made a new fresh high not seen since early January 2010.
The latest bull run in early Asia today is of relevance as the Euro has managed now to evaporate what little selling interest was left from the 125.50-128-00 supply-sensitive area, suggesting further upside resolutions are less likely until 130.00 round number.
According to Valeria Bednarik, chief analyst at FXstreet.com: "The short term bullish momentum is clear, although the pair gapped over 100 pips higher and there’s risk of a pullback towards 126.60 area."
"The hourly chart however, maintains a strong bullish tone, with indicators accelerating higher in overbought territory and 100 SMA above 200 one first time since March 19th; in bigger time frames technical readings are also strongly bullish, which suggest retracements should be understood as buying opportunities" Valeria adds.
The latest bull run in early Asia today is of relevance as the Euro has managed now to evaporate what little selling interest was left from the 125.50-128-00 supply-sensitive area, suggesting further upside resolutions are less likely until 130.00 round number.
According to Valeria Bednarik, chief analyst at FXstreet.com: "The short term bullish momentum is clear, although the pair gapped over 100 pips higher and there’s risk of a pullback towards 126.60 area."
"The hourly chart however, maintains a strong bullish tone, with indicators accelerating higher in overbought territory and 100 SMA above 200 one first time since March 19th; in bigger time frames technical readings are also strongly bullish, which suggest retracements should be understood as buying opportunities" Valeria adds.