- The shared currency maintains a bid tone across the board as traders cheered weekend’s Brexit opinion polls, which showed votes shifting in favour of ‘Remain’ camp.
- EUR/JPY opened with a bullish gap up and is extending upside to currently trade close to 119 handle.
- Techs support further upside in the pair. We see a bullish Stochastics crossover from oversold levels and RSI is biased higher.
- The pair has held above major trendline support at 116.75 levels and weakness to resume only on breaks below.
- Immediate support is seen at 118.35 (5-DMA), while 10-DMA at 116.67 is resistance on the upside.
- On the data front, we have German PPI numbers ahead of the German Buba monthly report release. While for the week ahead, all eyes will remain on the EU referendum.
- Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-recovers-from-multi-year-lows-at-11695-bias-lower-good-to-sell-rallies-222706) has achieved all targets.
Recommendation: Good to buy dips around 118.90, SL: 118.35, TP: 119.40/ 119.60
