EUR/JPY: Attempts Bullish Run
XM Group | Apr 30, 2015 02:28AM ET
EUR/JPY appeared to turn bullish after climbing to the top of the daily Ichimoku cloud on Wednesday, breaking above the March 18 high of 131.73. The pair reached a high of 132.88 on Wednesday and has pulled back a bit, due to the yen strengthening after the Bank of Japan held monetary policy unchanged on Thursday. The pair currently rests just above the 23.6% Fibonacci retracement level of 131.57 of the downleg from 149.76 (December high) to 126.08 (April low).
The near term outlook remains bullish as the tenkan-sen and kijun-sen lines are positively aligned and the RSI is in bullish territory. A fall back below the key 130.00 level would likely shift the bias back down and we could see a retest of the 126.08 low.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.