22 Nov 2013
EUR/JPY confirms key technical breakout, 138.50 next resistance
FXstreet.com (Barcelona) - EUR/JPY has been on a ceaseless march to the upside, breaking through Wednesday's bearish outside day after a convincing 200 pips bullish candle, confirming a clean breakout off its 131.40-135.40 range.
Next resistance in EUR/JPY not seen until 138.50
There has been model stops going off through 136.25, now extending scope to the upside until faced with 138.50, sequence of weekly highs back in 2009. Short term though, indicators are suggesting overbought conditions.
EUR/JPY technicals
Valeria Bednarik, Chief Analyst at FXstreet.com, notes that while indicators are in overbought levels, they are not actually suggesting the possibility of a downward corrective movement."
"In the 4 hours chart the technical picture is still quite bullish, supporting a continued advance towards 138.10/30 area, where the pair presents several weekly highs during the second half of 2009" Bednarik added.
Next resistance in EUR/JPY not seen until 138.50
There has been model stops going off through 136.25, now extending scope to the upside until faced with 138.50, sequence of weekly highs back in 2009. Short term though, indicators are suggesting overbought conditions.
EUR/JPY technicals
Valeria Bednarik, Chief Analyst at FXstreet.com, notes that while indicators are in overbought levels, they are not actually suggesting the possibility of a downward corrective movement."
"In the 4 hours chart the technical picture is still quite bullish, supporting a continued advance towards 138.10/30 area, where the pair presents several weekly highs during the second half of 2009" Bednarik added.