Japanese Yen technical uptrend looks solid. Bulls have built on that base. The Japanese Yen is coming under renewed technical pressure against other currencies. Let us have a closer look at the weekly chart of the EURJPY pair which tells me personally to get invested LONG (term)
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EURJPY Further Recovery
For existing longs off recent lows and potentially attractive spots for further recovery. Looking at the yen-crosses, a few of them are at resistance which offers a sign of caution. According to Yujiro Goto, Research Analyst at Nomura:
It appears our initial assessment that EUR’s reaction to Italian politics would be small was generally correct. Market focus is shifting to next week’s monetary policy meetings, where we expect the divergence between the ECB and BOJ to widen further. EUR/JPY has b
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EURJPY Solid Technical Uptrend
Japanese Yen technical uptrend looks solid. Bulls have built on that base. The Japanese Yen is coming under renewed technical pressure against other currencies.
EUR lower against the YEN
The EUR was also lower against the YEN. The euro fell to the day’s lows on Tuesday amid fresh fears over political developments in Italy. The cross snapped three consecutive days of winning streak and stalls the ongoing recovery move.
EURJPY Technically Bullish
The Euro against the Yen starts the trading week on the right footing already pushed prices above 128.50s. It suggests additional gains.
EURJPY breakout above 127.90s next week?
The EURJPY pair finished the week strong against the yen at 127.70s. It was good to see the pair out of the bearish price channel in the hourly chart. However, the Euro should not fail to breakout above 127.90s resistance zone next week. I would see the case of mid-term trend reversal continues to build up as drawn in the bigger picture. Happy trading!
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EURJPY next key target 129.50s
EURJPY sets up for the next move back into its uptrend channel. If the upside momentum continues and the price breaks 129.50s area, the next key target is not far away at 131.50s
USDJPY is targeting 111.50
Analysts say that the recent recovery in USDJPY will be a relief for the Bank Of Japan, but it will need to overshoot the 120.00s to change the BOJ's policy stance. The progressive zig-zag is potentially targeting the 111.50s. At this point I would like to say its bullish momentum seems to shape up for a new push higher.
USDJPY could climbing to the 112.00s soon
The U.S. dollar index rallied 0.28% to 93.84. So the rally in the greenback continues to support the up move in USDJPY. The pair could climbing to the 112.00s zone pretty soon.