FX.co ★ Daily analysis of EUR/JPY for March 29, 2018

EUR/JPY

There is a bullish bias on this cross. Price rallied massively yesterday, rising from the demand zone at 129.50, and ramming into the supply zone at 131.50. However, a correction was experienced at that level, which has translated into a short-term sideways movement. The sideways movement is expected to end soon

A Bullish Confirmation Pattern has been generated in the market, and that would become more and more significant as price ends the ongoing ranging movement. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50.