$EURJPY Long Setup

Thursday, May 25, 20170 comments


The pair is building on to last week gains after upbeat Euro-zone economic data has boosted sentiment around the shared currency. 

Stiff resistance is seen at 126 levels (channel top), breakout above could see further upside. 

Momentum studies are highly bullish , RSI strength at 69 levels with room for further upside. 

126.35-45 (late April 2016 highs) is next immediate hurdle ahead of 128.22 (Mar 31 2016 high). 

Support levels - 125.08 (5-DMA), 123.92 (20-DMA), 122.55 (May 18 lows). 

Resistance levels - 126.47 (April 27 high), 127, 128.22 (Mar 31, 2016 high). 

Good to go long on break above 126 (channel top), SL: 125.10, TP: 126.50/ 127/ 128.20

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