TraderNay

EURJPY Analysis

Long
FX:EURJPY   Euro / Japanese Yen
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Overall directional bias for EURJPY is long; price has bounced on major monthly support (112.450) and a key ascending trendline too. Both weekly and daily also suggest a bullish bias with an MA crossover to the upside on both timeframes. On the H4 timeframe, a key ascending trendline has been broken to the upside and rejected on the retest - looking for any excuse to go long on this pair on the smaller timeframes.

I can see price making a smooth rise all the way up the 127.825 level (key weekly level) and if that level is broken, possibly all the way up to 138.275.

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