EURJPY is trading slightly below the 50% Fibonacci retracement level of the downleg from 133.10 to 118.57, around 125.85, surpassing the bullish crossover of the 20- and 40-simple moving averages in the 4-hour chart. The pair has been struggling in an upward sloping channel since January 15 with the technical indicators remaining in the positive area. The RSI is pointing marginally up, while the MACD stands above trigger line. If the market pushes the pair higher, the price could re-challenge the immediate 50.0% Fibonacci level and the 125.95 resistance area. More advances would likely open the door for the 127.10 ... (full story)