11 Dec 2013
EUR/JPY recovers ground, needs to regain H1 Kijun sen
FXstreet.com (Bali) - While EUR/JPY failed to hold onto gains above 142.00 at the last European open, the retracement towards 141.30/40 was well contained by an ascending Ichimoku cloud top, where solid layers of demand emerged.
EUR/JPY intraday ichimoku readings
The latest intraday correction has so far done no technical damage to the pair, with ichimoku indicators on the H4 and H1 charts still pointing towards more gains amid the absence of clear resistance ahead.
Going into the Tokyo session, it is important for the interest of intraday buyers that 141.80 is retaken (Kijun sen H1 + daily pivot based on London open). Once above, another attack towards 142.10 trend highs is expected.
On the downside, sellers should first break below 141.00 to gain confidence for a potential break of the H1 kumo cloud, a mission that still looks very challenging as there are many pips still separating current price from such bearish case.
EUR/JPY intraday ichimoku readings
The latest intraday correction has so far done no technical damage to the pair, with ichimoku indicators on the H4 and H1 charts still pointing towards more gains amid the absence of clear resistance ahead.
Going into the Tokyo session, it is important for the interest of intraday buyers that 141.80 is retaken (Kijun sen H1 + daily pivot based on London open). Once above, another attack towards 142.10 trend highs is expected.
On the downside, sellers should first break below 141.00 to gain confidence for a potential break of the H1 kumo cloud, a mission that still looks very challenging as there are many pips still separating current price from such bearish case.