Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/JPY holds break above 5-DMA, bias higher, stay long

  • 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
 

  • Market Data
Close

Welcome to EconoTimes

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