EUR/JPY breaks major resistance at 125.95, targets 126.70
EUR/JPY has broken above strong trendline resistance at 125.95, could see test of 126.70.
The slump yesterday was short lived and held the short term uptrend at 124.72 and the 20 day ma continues to hold on a closing basis.
Japanese government made a minor revision of the economic climate for the first time in five months.
Director of macro-economic analysis at the Cabinet Office said, “We downgraded our economic assessment from the previous month but the government hasn't changed its view on the (sound) economic fundamentals.”
In its monthly economic report, the government noted that "weakness is seen" in the economy. This is a slight downward revision from the previous report which said there was "weakness in some areas."
Some weakness seen in the yen, EUR/JPY extending gains above the 126 handle, weakness only below 125.80.
Immediate resistance and supports are aligned at 126.27 (March 22nd highs) and 125.96 (5-DMA & trendline).
Good to go long around 126, SL: 125.60, TP: 126.25/126.50/126.75/127.15
The slump yesterday was short lived and held the short term uptrend at 124.72 and the 20 day ma continues to hold on a closing basis.
Japanese government made a minor revision of the economic climate for the first time in five months.
Director of macro-economic analysis at the Cabinet Office said, “We downgraded our economic assessment from the previous month but the government hasn't changed its view on the (sound) economic fundamentals.”
In its monthly economic report, the government noted that "weakness is seen" in the economy. This is a slight downward revision from the previous report which said there was "weakness in some areas."
Some weakness seen in the yen, EUR/JPY extending gains above the 126 handle, weakness only below 125.80.
Immediate resistance and supports are aligned at 126.27 (March 22nd highs) and 125.96 (5-DMA & trendline).
Good to go long around 126, SL: 125.60, TP: 126.25/126.50/126.75/127.15
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