|   Technicals


  |   Technicals


FxWirePro: EUR/JPY extends previous session's spike above 126 handle, hits 16-month high

EUR/JPY chart - Trading View 

According to the latest IFO survey, German companies expect business to return to normalcy in an average of 11 months from the coronavirus crisis.  

The single currency cheers German sentiment survey. Edges higher across the board. 

Technical bias for the pair is strongly bullish. Weekly close above 200W MA will reinforce bullish stance.  

Analysis of the GMMA Indicator shows major and minor trend are strongly bullish on the daily charts. 

Price action is above cloud on the daily and weekly charts and the Chikou span is biased higher suggesting continuation of uptrend.

Momentum is bullish, Bollinger bands are widening on the intraday and weekly charts. High volatility with bullish momentum to drive further gains.

Major Support Levels: 125.29 (5-DMA), 124.88 (200W MA), 124.22 (21-EMA)

Major Resistance Levels: 127.50 (Feb 2019 high), 128, 128.67 (61.8% Fib)

Summary: The pair trades with a strong bullish momentum. Weekly close above 200W MA will propel the pair higher. Next bull target lies at 61.8% Fib at 128.67.

  • Market Data

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.