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EUR/JPY: It takes a break of 138.50 to extend bull rally - FXStreet

FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, it will take a break above 138.50 in EUR/JPY to see the rate extending its bullish momentum.

Key Quotes

"Yen stands as the biggest loser of the day, hit by a strong rally in US stocks, as DJIA is up over 180 points and S&P nears 1900, and a revival of a news that has been hitting wires for a couple weeks already: Japan's Government Pension Investment Fund, the world's largest public pension fund, is working out plans to increase its portfolio allocation devoted to domestic stocks to around 25%, meaning buying a whopping 8 trillion yen in Japanese shares."

"The EUR/JPY trades near a fresh weekly high set at 138.06, with the 1 hour chart showing momentum heading higher above 100 and RSI nearing 70, as 100 SMA offers intraday support around 137.30. In the 4 hours chart momentum bounced from 100 and maintains an upward slope, while RSI stands directionless around 60: critical resistance stands at 138.50, 61.8% retracement of the latest daily fall, and it will take a break above it to see the pair extending its advance."

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