During
Friday’s session the EUR/JPY pair finally run out of the bearish sentiment
which dominated from August 16th and marked high at 128.80. Today the pair
is developing around this level but is going to close slightly lower with
current market price 128.69.
On the four-hour time frame the priced crossed to above its bearish 20-day SMA
and meanwhile remains well below the 100-day and 200-day SMAs. Furthermore the
last two ones are crossing each other at 129.65, which indicates limitation of
the upward strength. Stochastic and RSI has recovered from the extreme oversold
territories and both are displaying strong bullish momentum.
Should the pair succeed to conquer Friday’s high at 128.80, further recovery is
underway in the short term. 129.65 remains critical level and in case of
breaking it, bulls would prevail longer in the play.
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