FxWirePro: €/¥ holds support at 135.0252; targeting 139.4655 as leading oscillators signal bullish trend

Technical Glance:

Although the formation of bearish pattern candles such as Doji's on weekly and sharp shooting star & spinning top on daily charts. This was boosted up by downward convergence by weekly RSI and overbought signal by stochastic, but bulls were not ready to give up upward momentum that had started from last couple of months (from mid April), we had mentioned this earlier also, as a result the pair is rising in an attempt of snatching the rallies.

Currently, RSI (14) trending near 56.4735 levels which is converging rising prices on both daily and weekly charts.

Although the there is no trace of either overbought or oversold situation from stochastic, it alarms bulls have taken over the rallies as the slow stochastic noises with %K line cross over around 60 levels (current %K line flashes at 70.6541).

But 10 DMA is averaged the prices which would justify prevailing sideway trend as there were a slight attempts of gaining momentum on either side. But on daily charts it has been a bit bullish signal.

So with all positive signs from leading oscillators we reckon the pair may most likely to test resistance at 139.4655 levels.