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Daily analysis of EUR/JPY for April 20, 2018

Posted On 20 Apr 2018
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EUR/JPY

Much has not changed on this cross, as it is still consolidating in the context of an uptrend. The supply zone at 133.00 has been tested and it would be tested again. The targets at the supply zones at 133.0, 133.50, and 134.00 remain valid, and they may be breached, once volatility arises in the market.

The next market movement may favor bulls. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. There is a Bullish Confirmation Pattern in the market, which would become more and more serious as the price goes northwards.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Daily analysis of EUR/JPY for April 20, 2018

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