FxWirePro: EUR/JPY breaks above daily cloud, on track to test 110-EMA at 126.30, stay long
EUR/JPY chart - Trading View Bid tone surrounding the shared currency improves after upbeat data. Eurozone’s retail sales increased by 0.4% in February and the services and composite PMI for March came in stronger than e…
Bid tone surrounding the shared currency improves after upbeat data.
Eurozone’s retail sales increased by 0.4% in February and the services and composite PMI for March came in stronger than expected.
German 10-year bund yields jumped back into the positive territory, in response to better-than-expected Euro area, further lending support to upside in the pair.
EUR/JPY has edged above 125 handle and is trading at 125.39 at 1010 GMT, up 0.53% on the day.
Technical studies on intraday charts have turned bullish. RSI and Stochs are biased higher.
The pair has edged above daily cloud and is testing 55-EMA resistance at 125.52. Break above targets 110-EMA at 126.30.
Immediate support lies at 21-EMA at 125.16. Break below 5-DMA at 124.68 to see further downside.
Recommendation: Stay long above 55-EMA at 125.52, SL: 124.65, TP: 126.30/ 127/ 127.50
