EUR/JPY Technical Analysis: Consolidates below 126.75-80 supply zone, set-up remains in favor of bullish traders
|• The cross stalled its recent positive momentum near the 126.75-80 supply zone and has been consolidating within a broader range over the past three trading session.
• The fact that the cross has already found acceptance above 100-day SMA, coupled with bullish oscillators on 4-hourly/daily charts support prospects for additional gains.
• Hence, any meaningful pullback might now be seen as an opportunity to initiate some fresh bullish positions for a move towards March swing highs - around the 127.40-50 region.
• The latter coincides with the very important 200-day SMA, which if cleared would be seen as a key trigger for bullish traders and set the stage for an extension of the appreciating move.
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.