EUR/JPY: bulls looking for further buying.

GENERAL OVERVIEW:  The pair is clinches above 132.00 levels in the market. The further buying can be expected in the market as the bullish zone in the buy territory formed in the market. The EUR has been supported by the dollars in the market , we can see buying in the market as the market support the demand pressure in the market . The market makes the bulls to pressurize more for buy demand in the market. The selling mood around the greenback remains well in place and lends extra legs to the upside momentum in the shared currency. The Japanese yen, however, stays bid on the back of a mild retracement in US yields as market participants continue to digest Friday’s ugly figures from April’s NFP. We can see uptrend in the market on the daily chart market makes the uptrend in the market and sit towards the buy zone in the market. The bulls formed extending uptrend in the market.

Technical analysis: From the technical point of view we can say that market, sit towards the strong buying opportunity in the market. On the daily chart market creates long upside zone in the market as, the pair creates strong bullish demand in the market. The pair touches the above 50 level in the market and makes the buy opportunity for the traders. On the 4houlry chart we can see that market making swings towards the north direction in the market. The pair is expected to break the level 132.50 and further movement can be seen in the market, odds are in favor of the bulls, the potential 50 and 200 levels are supporting the market and supporting bulls. The RSI also raise above 50 levels as well as MACD also rise above zero level creates buying in the market. Intraday as well as positional traders can go for the buying position in the market. The support level will be 131.50 followed by 131.00 and resistance will be 132.70 followed 133.20.

Trade idea : our traders will sit on the buy side at level 132.21 and target will be 132.80 – 133.40 and stop loss will be 131.20.



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