- EUR/JPY is extending grind higher, holds gains above 116 handle.
- The pair has closed above 5-DMA at 115.84, could see more upside.
- Technical indicators have turned slightly bullish. RSI and Stochs are showing rollover from oversold territory.
- The pair is currently holding below 50% Fib at 116.65, break below will see further gains.
- 5-DMA at 115.94 is immediate support on the downside, while immediate resistance lies at 116.65 (50% Fib)
Call update: We had advised a long call (http://www.econotimes.com/FxWirePro-EUR-JPY-edges-higher-from-fresh-yearly-lows-at-11485-close-above-5-DMA-could-see-more-upside-646296). TP1 & 2 almost hit.
Recommendation: Book partial profits at highs, raise stop loss to 115.95, hold for 117 levels.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 73.5161 (Slightly bullish), while Hourly JPY Spot Index was at -55.9886 (Neutral) at 0620 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
