FX Market Commentary: EURJPY Higher After Inside Bar | Apr. 8th

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Following suit on punishing the JPY as of late, the Euro has gained 20 of the last 24hrs vs. the JPY, adding over 210 pips since the market open this week. You can see the inside bar (only selling bar in last 36hrs), which formed a base at the former yearly highs, confirming the former highs as a role reversal level.

This trend is quite strong as you will notice its ability to float above the 20ema on the 4hr chart so easily, all suggesting of heavy consistent buying.  Be that as it may, we don’t want to chase it, so look for pullbacks towards the key levels at 128.36 and 127.71 (former yearly highs) to get long, targeting 130.51, and 134.45 which are the June 05′ lows and Jan 10′ highs.

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