EUR/JPY Weekly Technical Report 4-8-1/2013
ecPulse
2013-02-04 08:59AM UTC
The pair is trading positively exploiting last week's consolidation above 122.15. We find the uptrend continuing higher eying at least 128.75, which represents 200% Fibonacci as seen on the graph. Momentum indicators display overbought signals however we do not believe that it hinders the uptrend due to positivity of Linear Regression Indicators.
The trading range expected this week is between the key support at 122.15 and the key resistance at 132.95.
The short-term trend is upside targeting 128.75 as far as 116.15 remains intact by week's closing.
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