EUR/JPY Breaks Above Consolidation Resistance

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EUR/JPY 4H hart 10:10AM EDT 6/20/2012

 EUR/JPY has been consolidating with a slightly rising support and resistance in the 100.65-100.80 area. Price action in the 6/20 US session so far shows a break of this level, and price pushes above the 101.00 handle, seen in the 4H chart. The 4H RSI reading also pushed back above 60 after failing to break below 40, a sign that the previously established bullish momentum is continuing.

The next short-term pivot is around the 102 handle. But a more aggressive bullish can be the 200-day simple moving average at 104.00, up to the April low near 104.50.

EUR/JPY Day Chart 10:15AM EDT 6/20/2012

Fan Yang CMT is a trader, educator and a Chief Technical Strategist for FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

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