FxWirePro: EUR/JPY edges higher from session lows at 118.19, good to buy dips
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 u…
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.