EUR/JPY: Near-Term Studies Are Positive

EUR/JPYThe cross extends a rally from the 129.28 higher low, breaking through the trendline resistance at 132.20, to fully retrace 132.41/129.28 downleg. A break above the near-term congestion would signal resumption of larger upleg from 124.94, with clearance of 132.72, required to confirm and open key short-term barrier at 133.78, 22/05 peak. Completion of weekly bullish pennant supports the notion. Near-term studies are positive, however, overbought conditions may trigger corrective action, before final push higher. Initial support lies at 131.80, while any stronger pullback should not exceed the 131.00 handle. Resistance: 132.72; 133.00; 133.50; 133.78 Support: 131.90; 131.46; 130.96; 130.44


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