EUR/JPY surges on Thursday

FX:EURJPY   Euro / Japanischer Yen
The Euro failed to surpass the combined support of the weekly PP and the lower channel line circa 134.80 during the second half of Wednesday. Its subsequent movement was dominated by bulls which had managed to push the rate above the 2016/2017 high of 135.59 by mid-Thursday.

Technical indicators suggest that the overall trend for the following session should be northwards. However, given that technical indicators are located in the overbought territory, a correction south is still expected to follow.

The northern side that should function as a session high is the 136.40 area where the weekly R2 and the monthly R1 are located. In terms of downside potential, the Euro could be halted by the 55– and 100-hour SMAs circa 135.20.
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