EURJPY overcame the key 127.49 barrier yesterday but is marginally struggling to extend gains ahead of the 128.38 level, which happens to be the 123.6% Fibonacci retracement of the down leg from 127.06 until 121.61. The upward sloping Ichimoku lines are reflecting a surge in positive momentum, while the gradually climbing simple moving averages (SMAs) are assisting the advancing structure. The short-term oscillators are also conveying strengthening positive momentum. Nevertheless, the slight stalling of the %K line in the overbought territory reflects a minor pause in the pair. Still, the %K line has yet to confirm ... (full story)