FxWirePro: NZD/USD retains bearish bias, upbeat New Zealand trade surplus data fails to impress Kiwi bulls
FxWirePro: EUR/JPY ignores 'Spinning Top' resumes upside amid strong bullish momentum
EUR/JPY chart - Trading View
EUR/JPY was trading 0.14% higher on the day at 124.78 at around 07:20 GMT.
The pair edges higher, ignores 'Spinning Top' formation in the previous session.
Technical analysis suggests bullish bias. Major and minor trend as evidenced by GMMA Indicator are strongly bullish on the daily charts.
Ichimoku analysis shows price action is above cloud on the daily and weekly charts.
Oscillators suggest momentum is strongly bullish. Stochs and RSI are in overbought territory, but do not show any signs of weakness.
Bollinger bands are widening on the daily and weekly charts suggesting rising volatility which could drive further gains.
Price action is currently hovering around major hurdle at 200W MA at 124.82. Decisive break above will take the pair higher. Next bull target lies at 61.8% Fib at 128.67.