EUR/JPY Technical Analysis: Bouncing up from ascending 5-day MA
|- EUR/JPY has bounced up from the ascending 5-day MA of 126.32 but is yet to beat the resistance at 126.79 (Monday's high).
- A close above that would solidify the channel breakout confirmed on Friday and open up upside toward 127.50 (March high).
- Supporting that bullish case is the upward sloping 5- and 10-day MAs and the bullish crossover of the 10- and 50-day MA. The 14-day relative strength index (RSI) is also reporting bullish conditions with an above-50 print.
- The cross, however, could fall back to 10-day MA, currently at 125.79, if China's industrial production, Q1 GDP and retail sales figure prints well below estimates, renewing fears of a deeper economic slowdown in the world's second-biggest economy.
Daily chart
Trend: Bullish
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.