FX.co ★ Daily analysis of EUR/JPY for October 28, 2016

Overview

The EUR/JPY pair rallied to the upside yesterday, surpassing the resistance at 114.70 Thus, the odds are for getting rid of the dominating negativity by reaching 115.00. We need a close in the four-hour time frame above the mentioned resistance to expect the rally towards some positive targets from 116.30 to reach 119.20 in the upcoming period. Stochastic supports the bullish rally by its stability within the overbought level to provide the required bullish momentum. Please be aware that surpassing the moving average 55 at 115.50 will reinforce the dominating positivity in the upcoming trading, which opens the way towards the suggested targets. The expected trading range for today is between 114.70 and 116.30