The single currency is extending its gradual recovery path into early Europe session. EUR/JPY is extending gains above the 113 handle, Techs on intraday charts are bullish. CFTC speculative positioning data for the week …
The single currency is extending its gradual recovery path into early Europe session.
EUR/JPY is extending gains above the 113 handle, Techs on intraday charts are bullish.
CFTC speculative positioning data for the week ending 2 August 2016 showed leveraged funds reduced their net long JPY positions by USD1.0bn (largest positioning change in the week).
Next hurdle for the pair on the upside is seen at 114.11 (10-DMA) ahead of 115 (trendline resistance) and then 115.35 (20-DMA).
5-DMA at 112.96 is minor support on the downside, while major supports is seen at 112.40 (trendline).
Break below 112.40 could drag the pair to 110.85 levels.
Recommendation: Good to buy on dips around 113 levels, SL: 112.40, TP: 113.64/ 114/ 114.75
