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Chart of the Day: EURJPY

EURJPY bounced back from its support levels last week, regaining some of its losses from the December highs. The pair looks set to retest the major resistance zone between 120.079 to 122.491.

EURJPY daily chart

Most of the gains came after US President Trump calmed markets, advising there would be no military response to Iran despite bombings at US-Iraqi military bases. This news came as a surprise and the bullish bias faded the need for safe havens such as gold (XAU) and JPY.

That said, a close above the December 13 high at 122.26 could encourage more buyers to join the market. Also consider the daily resistance levels at the bottom of the chart.

The 14-day Relative Strength Index (RSI) is now gaining momentum, with price staging its rally from the retracement to the 38.2% Fib. level of the major upward range between the September low and December high.

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