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EUR/JPY: Break above 138.40 may challenge 138.90 - FXStreet

FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, if EUR/JPY can make it above 138.40 it has the potential to accelerate towards 138.90 price zone.

Key Quotes

"Yen was the biggest loser on Thursday, with the EUR/JPY stalling a few pips below the 138.00 mark and holding nearby as a new day starts. The upward movement was slow but steady, leaving the hourly chart with not much upward strength: moving averages remain flat below current price and indicators barely stand above their midlines."

"In the 4 hours chart however, momentum remains strong as price extends above moving averages, both around 137.10/20 offering now short term support. Steady gains above 138.00 should lead to a quick advance up to 138.40 while above this last the upward acceleration will likely accelerate towards 138.90 price zone.

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