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EURJPY is neutral but broader bullish technical picture intact
EURJPY has turned neutral in the short-term after the rally to 134.16 stalled. This was the highest level since December 2015. The momentum oscillators on the 4-hour chart are flat and are pointing to range trading for now in the upper 133.00 handle. Meanwhile, the RSI reached 70 which is indicative of an overbought market. The Ichimoku cloud analysis shows that the broader bullish trend in EURJPY remains intact and is well-supported by a bullish alignment of the Tenkan-sen and Kijun-sen lines. Immediate support is being provided by the Tenkan-sen at around 133.70. Failure of support here would result in a corrective ... (full story)