EUR JPY jumped to high in Forex market
4/11/2017 8:30:32 AM
The EUR/JPY stayed under various selling pressure for the 11th successive session and jumped to the 117.05 handle for the first time since mid-November.
Spot expanded the failure move below the very significant 180-day SMA and extended the reversal move from the 123.05 handle touched around mid-March.
Below 117.05 mark the downslide is probable to get expanded towards 116.67 midway support, which if broken would face the 116.10 handle, on the way the key 114.95 psychological mark.
On the other hand, any recovery above 117.44 level now appears to provoke persistence at 180-day SMA near 117.73 region, which if cleared might cause a short-covering rally towards mid-118.05s with some midway hurdle near 118.05 the figure.
FOREX market analysis by FxErvin.