- EUR/JPY is correcting inside a bullish advance.
- Given the brief and medium-term tendencies are bullish extra upside it anticipated offering sure circumstances are met.
EUR/JPY is pulling again after rising above the ceiling of its multi-month vary and breaking above the cluster of main shifting averages mendacity simply above.
EUR/JPY Each day Chart
The brief and medium-term tendencies are bullish suggesting the percentages favor extra upside to return and a resumption of the uptrend. A break above 166.69 (October 31 excessive) would most likely verify a continuation larger.
Resistance at 167.96 (July 30 swing excessive) may act as a barrier to additional upside. The minimal goal for the breakout from the vary lies at 169.68, the 61.8% Fibonacci extrapolation of the peak of the vary to the upside.
The Relative Energy Index (RSI) momentum indicator shouldn’t be but within the overbought zone (above 70) suggesting the pair has room to go larger.
