EURJPY Forecast
The EURJPY continued it’s bullish momentum on Friday, topped at 138.34 and closed at 138.12. The bullish scenario should remains intact but I think we are now in transition phase so we need to wait for further development. As you can see on my daily chart below, the pair is actually still move in a rectangle area with 138.68 level as the upper line, which should be a very important and strong resistance. CCI in overbought area and heading down suggesting potential downside correction. The bias is neutral in nearest term. Immediate support at 137.50. Break below that area should be seen as potential threat to the bullish outlook. Break above 138.68 area should trigger further bullish momentum and lead us into a new phase of bullish scenario.
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