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EUR/JPY technicals and trade set up

FX:EURJPY   Euro Fx/Japanese Yen
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EURJPY             after taking support from 7DMA, strong bull swings are to be upheld for many reasons.

Bulls hold stronger at around 124.445 resistance levels along with bullish momentum after jumping above 7DMA on daily chart .

Currently, RSI (14) trending above 46 levels with upward convergence to the rising prices.

In addition to that, then there is bullish crossover has been maintained right from oversold trajectory, (current %K line is at 47.3274 & %D line flashes at 38.6972 while articulating).

On the contrary, EMAs and MACD on monthly plotting still signal bearish trend continuation. Same is the case with technicals on longer time frames.

On monthly plotting, the prices pushing below 7EMA, downtrend moving sloping channel so far.

It’s advisable to use a combination of patterns and indicators to determine your trading strategy.

As a result of these bearish patterns, more downside potential is foreseen to retest of 122.055 levels.

Yen against majors lost after Japan announced its manufacturing PMI that has been quite disappointing, prints at 48.0 versus forecasts at 49.6 and previous flash at 49.1.

And in addition to that, BoJ would likely to hold its monetary policy meeting on 27-28th April             where it decides on policy rate and update forecasts on inflation and growth numbers.

On an intraday trade perspectives, buy leveraged products “one touch binary calls” for multiplied yields as stated above the short upswings are intensified by bullish momentum signaled by RSI & stochastic , binary calls which would most likely derive higher probabilities of positive cash flows.
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