Scope for EUR/JPY upside builds, long on close above 125
125 is strong resistance for EUR/JPY, the pair has slipped below the 125 handle after hitting session highs at 125.23 on the day.
Pair has re-entered channel at 124.44 levels, but is struggling to extend gains beyond 125 handle.
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
We would recommend taking long positions on close above 125, SL: 124.35, TP: 125.55/126
Resistance Levels:
R1: 125
R2: 125.58 (Mar 4th highs)
R3: 125.96 (Feb 19th high)
Support Levels:
S1: 124.37 (5-DMA)
S2: 124 (Psychological level and 10-DMA)
S3: 123.93 (Mar 4th lows)
Pair has re-entered channel at 124.44 levels, but is struggling to extend gains beyond 125 handle.
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
We would recommend taking long positions on close above 125, SL: 124.35, TP: 125.55/126
Resistance Levels:
R1: 125
R2: 125.58 (Mar 4th highs)
R3: 125.96 (Feb 19th high)
Support Levels:
S1: 124.37 (5-DMA)
S2: 124 (Psychological level and 10-DMA)
S3: 123.93 (Mar 4th lows)
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