EURJPY → Upside momentum has further legs to go

[tradingwithmike]

EURJPY resumes the upside and prints new yearly highs in the vicinity of the 162.00 yardstick on Friday.

Further upside appears well on the cards for the cross in the short-term horizon. Against that, the surpass of the 2023 high of 161.85 (November 10) is expected to face the next significant resistance level not before the 2008 peak of 169.96 (July 23)

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 152.13.

 

[Oscar_0]

It will help me take more pips I think as I was also expecting the market to go up.

 

[tradingwithmike]

It will help me take more pips I think as I was also expecting the market to go up.

Yes. It will continue to rise as long as the EUR remains stronger than the JPY.

 

[Elektra-Greene]

even in monthly candles, the bullish power is still on going nd valid, I guess I would but too

 

[tradingwithmike]

even in monthly candles, the bullish power is still on going nd valid, I guess I would but too
View attachment 49909

Yes, the price should rise to the 169 zone without problems to test the next resistance.

 

[Elektra-Greene]

here is how it looks RN, i would go for a sell!

It will help me take more pips I think as I was also expecting the market to go up.