EUR/JPY:The cross continues to show evidence of the formation of a meaningful base, with the recent break back above 105.00 further confirming bullish bias and exposing a test of next key resistance by the 200-Day SMA at 107.25. Daily studies are however looking a little stretched so we would not rule out the potential for a pullback towards 102.00 before the assault on the 200-Day SMA. Ultimately, the recovery structure remains intact while above 99.25.
--- Written by Joel Kruger, Technical Currency Strategist
To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger
To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to jskruger@dailyfx.com
