Sentiment on the financial markets has been
very positive this week and stock indices surged back above their 200-day
moving averages, which seems to help to lift JPY crosses. The EURJPY
cross briefly jumped above the important 130 level and is now testing the
200-day moving average, which is located at 130.15.
Bulls pushed the cross 0.35 per cent higher
during the London session on Thursday and if the mentioned 200DMA is taken out,
further rise toward another strong zone at 130.80 could occur. This is a major
resistance and if the pair closes above it, the outlook could switch back to
bullish.
On the downside, stronger support seems to
be located near the 100-day moving average at 129.50 and while above, the
short-term trend could be bullish. However, if the price drops back below,
bears could push the price back to 129.00.
The RSI indicators seem to be forming a
rounding bottom pattern, which could be another bullish signal. The price needs
to push above the 200-day average to confirm the upward momentum.
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