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.

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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.

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