EUR/JPY

What happened yesterday shows that bulls are still willing to push the price upwards. The EMA 11 has crossed above the EMA 56, and the RSI period 14 has crossed the level 50 to the upside. Should the price continue to move further upwards, it would lead to an emphasis on the recent Bullish Confirmation Pattern in the market.

There will be some form of strong volatility on the EUR/JPY pair this week. A test of the demand zone at 127.50 will threaten the new bullish bias in the market; while a movement towards the supply zones at 130.00, 130.50, and 131.00 will strengthen it.