Technical Analysis – EURJPY failed to rise above cloud
Posted on April 16, 2014 at 9:37 am GMTAfter breaking key resistance at 141.00, EURJPY upside momentum increased on the 4-hour chart and it penetrated into the cloud. Resistance was found at 141.75 at the top of the cloud. The stochastic is overbought so the pair will likely make a correction lower after the recent rally. Support is found at 141.30 and 141.00. A break below support at 139.95 would threaten the short term bullish scenario. A successful attempt to move out of the cloud would pave the [..]