(125,08) The EUR/JPY confirmed a strong closing on Friday after the test of the 126 area. The weekly closing was also positive. Overall we consider the cross still consolidating interior the large inside day with 118,60 – 125,50 the levels to follow. Only a daily closing above 125,50 will resume the move up suggesting a 130 overshooting!! The indicators of the daily chart are however still below the line but those of the weekly one remain positive however showing overbought conditions and potential negative reversals!! The indicators of the s/t charts are mixed. Friday’s move up started however forming already bearish divergences suggesting a change of the tone to positive. Possible a retest of Friday top, especially while above 123,80;in fact only an hourly closing below this level will support again lower levels!
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Future Trend Research