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EUR/JPY: Attempts Bullish Run

Published 04/30/2015, 02:28 AM
Updated 02/07/2024, 09:30 AM

EUR/JPY appeared to turn bullish after climbing to the top of the daily Ichimoku cloud on Wednesday, breaking above the March 18 high of 131.73. The pair reached a high of 132.88 on Wednesday and has pulled back a bit, due to the yen strengthening after the Bank of Japan held monetary policy unchanged on Thursday. The pair currently rests just above the 23.6% Fibonacci retracement level of 131.57 of the downleg from 149.76 (December high) to 126.08 (April low).

The near term outlook remains bullish as the tenkan-sen and kijun-sen lines are positively aligned and the RSI is in bullish territory. A fall back below the key 130.00 level would likely shift the bias back down and we could see a retest of the 126.08 low.

EUR/JPY Daily Chart

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