EURJPY pared some of Tuesday’s losses and re-challenged the 23.6% Fibonacci retracement level of the downleg from 137.50 to 124.60, around 127.65. The momentum indicators are supportive of the short-term bullish correction, with the RSI flattening into negative, the MACD oscillator approaching the trigger line, while stochastic is moving higher. If the price successfully surpasses the aforementioned strong obstacle and jumps above the 20-simple moving average in the 4-hour chart, it could hit the 128.50 resistance level. However, should prices climb higher again, above the 40-SMA, the next resistance would likely ... (full story)