EUR/JPY - Positive break of averages to extend Wednesday
|Confirming Tuesday’s bullish forecast, demand from last week's low continued. After an initial negative reaction buying interest below the 13 day mvg avg yielded a 2nd up day in a row and a test of last week's top and the 50 day mvg avg. Although that point was not clearly breached in European trading it has been exceeded in Asia. The overnight highs have not been maintained as some profit taking has developed near 126.00, but the underlying bias is positive. So, this morning’s call is Bullish from the open but leaving room to also buy a 125.34 dip, Asia’s low. The risk is 124.95 with upside targets of 125.95, the 2 week top, 126.32 and 126.59, the 7 week peak.
Above Key Averages
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