FBS: Trading recomemdations for EUR/JPY
Tatiana Norkina, an analyst of FBS
The support level of 136.60 did not give the opportunity for bears to establish the market downtrend again. The two-day consolidation in the range of 136.60-137.10 was ended by the breakdown of the upper limit of the channel, triggering new purchases of the currency pair.
However, another powerful level - 137.60 is expected by bulls above, after testing of this level a correction to 137.10 is possible.
An uptrend is confirmed by Bollinger Bands, which is currently expanding up with the growing Moving Average. MACD histogram is also growing.
RSI is entering in the overbought zone, therefore bulls should be careful.
Technical levels: Support - 137.10; resistance - 137.60.
- Sell - 137.60; SL - 137.85; TP1 - 137.10