After reacting to the EMA 100 line, EUR/JPY has rebounded. The MACD line shows signs of preparing to cross above the Signal line, while the RSI indicator is gradually surpassing the threshold of 50. However, the prospects for further growth will not be solidified unless the daily candle can close above the resistance line formed over last week, currently at 157.70.
On another note, there is a convergence zone at 155.90 between the EMA 21 line and an upward sloping support level that emerged since late March as a key support level for EUR/JPY. Breaking below this level could lead prices back towards EMA 100 at 151.35 and even further down towards levels around 150.00
On another note, there is a convergence zone at 155.90 between the EMA 21 line and an upward sloping support level that emerged since late March as a key support level for EUR/JPY. Breaking below this level could lead prices back towards EMA 100 at 151.35 and even further down towards levels around 150.00
