EUR/JPY: Heading North Side With Double Bottom Pattern

September 14, 2018

 

By analyzing the daily technical chart one can see that pair is heading towards north side with the formation of double bottom pattern as we can see that it bounced two times from 125 level which is a massive move from the bull’s campaign.

 

Overall pair is making higher highs and higher lows on the daily technical chart and presently it is trading above the crossed moving average lines. The current candles are big bullish marabuzo candlestick above the moving average lines are generating bullish signal. From technical prospective we can see that a potential rounding bottom pattern has been formed on the daily technical chart which is generating bullish signal.

 

 

The 132.50 seems as the stumble block for bulls and a valid breakout of this level will open the way towards the 135 in near term. A daily closing above the 132.50 level will confirm the bullish trend. Odds are in favor of bulls. Intraday bias remains bullish on the pair. The short term picture is mildly bullish.

 

RSI has arrived into positive territory which is favoring the bulls. A bullish crossover on the MACD indicator is generating bullish signal and providing strength to the bulls, which is a recent development.  The 132.50 level is immediate resistance level followed by 133.80 whereas 127.91 levels is strong key support level followed by 126.78 levels.

 

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