EURJPY: Pull-back expected. Buy on the 1D MA50.

The EURJPY pair has hit the 147.750 Resistance after a strong rally that started a month ago at the bottom of the 1 year Channel Up. The key 1D technicals are firmly bullish (RSI = 65.143, MACD = 1.070, ADX = 55.694) suggesting a strong green trend but as the price is approaching the HH trendline, the greater the probability becomes for a 1D MA50 pullback. This is in line with the previous two bullish waves to the top of the Channel Up.

Consequently, we expect a pull-back here or slightly higher and will be looking to buy on the 1D MA50. The target can be quite high but we will settle with a TP = 150.000.


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