FX.co ★ Daily analysis of EUR/JPY for May 30, 2016

Overview

The EUR/JPY pair formed a strong positive rebound after hitting support at 122.20. The initial resistance is currently located at 123.50. The price is attempting to surpass the moving average 55 to put it under new positive effect. It is waiting for surpassing the previous mentioned resistance to begin to target positive levels that might begin from 124.20 and 124.60. In general, the main bias will remain bullish depending on the stability of the mentioned support. The expected trading range for today is between 122.60 and 124.20.