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EUR/JPY: Risk of further upside - FXStreet

FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, some consolidation and a following acceleration above 138.40 is required to confirm a new leg up in EUR/JPY.

Key Quotes

"The EUR/JPY extended its advance up to critical 138.40 price zone as expected, overcoming previous monthly high a few pips below and pressuring the strong resistance level first time since mid July."

"The 1 hour chart shows moving averages turning higher around 137.30 with 100 SMA approaching 200 one yet still below, while indicators stand directionless above their midlines."

"In the 4 hours chart however technical readings maintain a clear bullish bias that supports a break higher. Finally 100 DMA stands by the pip at mentioned 138.40, meaning some consolidation and a following acceleration above it is required to confirm a new leg up."

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