EUR/JPY is in an uptrend on all major timeframes and trading with a bullish bias over a short, intermediate and long time horizon.
EUR/JPY is pulling back within a strong short, intermediate and long-term uptrend. If it continues declining the pull back could well find support at the 100 SMA. Any weakness will probably be short-lived given the overall bullish bias of the charts. Given “the trend is your friend” EUR/JPY is more likely than not to continue rising.
The 100 SMA at 168.49 has faithfully supported price on previous pull backs, suggesting it may do the same if price pulls back any lower. A break above 170.89 would establish a higher high and probably indicate a continuation of the uptrend. The next target to the upside is 171.60, the high of April 29. The Relative Strength Index is in the neutral zone suggests there is more room for upside before the pair becomes overbought. EUR/JPY would need to fall to 166.
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