FX.co ★ Daily analysis of EUR/JPY for April 12, 2018

EUR/JPY

Price has risen by 130 pips this week, to test supply zone at 132.50. There is currently a shallow bearish retracement which follows the test of the supply zone, and the bearish retracement should be contained at the demand zone of 131.00 (a worst-case scenario). The market is supposed to go upwards from here.

The EMA 11 is above the EMA 56, and the RSI period 14 is not yet below the level 50. There is a Bullish Confirmation Pattern in the market. Long trades are recommended because pullbacks may be temporary.