EUR/JPY technical analysis: At session highs near 118.20, further gains likely
|- EUR/JPY's daily chart indicators are signaling a bullish reversal.
- The price chart shows signs of seller exhaustion below 118.00.
EUR/JPY is currently trading at 118.20, representing 0.25% gains on the day.
The currency pair looks set to test 119.00 in the next 24 hours or so, as the daily chart is flashing early signs of bullish reversal.
To start with, the 14-day relative strength index is reporting a bullish divergence.
Further, the moving average convergence divergence histogram is about to cross above zero, confirming a bullish reversal.
Also, there are strong signs of seller exhaustion on the price chart. For instance, the sellers have repeatedly failed to keep the pair below 117.80 over the last nine days.
Daily chart
Trend: Bullish
Pivot levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.