The single currency remains under pressure in early Europe, leaving the EUR/JPY largely rangebound. The pair has been trading a falling wedge pattern, and is consolidating bounce off wedge base at 122.05 on March 1st tra…
The single currency remains under pressure in early Europe, leaving the EUR/JPY largely rangebound.
The pair has been trading a falling wedge pattern, and is consolidating bounce off wedge base at 122.05 on March 1st trade.
Techs show scope for upside is rising:
- We see a bullish 5-DMA crossover on the 10-DMA
- Daily Stochs and RSI have rolled over from oversold levels and biased higher
- MACD line has shown a bullish crossover on the signal line
125 is strong resistance for the pair, a close above will see further gains.
The pair is currently capped between 5 DMA(124.64) and 10 DMA(124.19) which are immediate resistance and supports for the pair.
Markets focus on ECB rate decision and Draghi's speech due later in the EU Session for further cues on the pair.
Price actions surrounding Euro suggests, traders have refrained from taking any directional view, especially after December shock.
