Monday 6 March 2017

EUR/JPY Undecided

EUR/JPY is about to end the trading day near the Friday’s closure point at 120.50. Though the pair was seen slightly elevated and marked daily high at 121.15, which is a 2-week high, was unable to hold above the bullish 100-day SMA on the daily chart. Meanwhile the 4 hour time frame is showing that price is now caught in range between the 20-day and 100-day SMA. RSI is slightly above the mid-lines and is loosing directional strength. Immediate support is located at 120.15 and in case of closing below it, the pair will be poised to extend the downside towards February’s lows around 119.40 - 119.70. Looking to the upside first resistance is seen at 120.75 (200-day SMA) and higher at 120.40 (February’s high).   


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