EUR/JPY nears key near-term resistance ranges
The pair examined the 200-hour MA (blue line) earlier at the moment however patrons held agency earlier than value bounced again up after Kuroda made some dovish feedback. Since then, patrons have established management and is now extending the momentum in direction of the 14 February highs.
Of notice, value is working in to the swing area resistance from these highs round 125.38-46 with the 13 February excessive and 76.four retracement degree @ 125.53 sitting close by. These might be key near-term resistance ranges for the pair within the occasion of an additional extension to the upside at the moment.
There is not actually a change in threat sentiment or any specific headlines that’s driving the strikes we’re seeing the greenback and yen over the previous hour, so I would not actually connect a very robust conviction to the “break” right here.
If something, I had been to say that key near-term ranges will hold the strikes we’re seeing in-check till markets get additional clues from US buying and selling later. That stated, simply control the near-term technical ranges for now. These will let you know what markets are doing and thus far it isn’t suggestive that we’re seeing a large change in momentum except for additional yen weak spot on the again of Kuroda’s earlier feedback.