
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 to accelerate gains through latest key resistance in the form of the 200-Day SMA and just over 111.00 thus far. Daily studies are however unwinding from stretched levels so we would not rule out the potential for a bit more of a consolidation and pullback towards the 105.00-107.00 area, before the market looks to resume its upward trajectory.
--- 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