EUR/JPY

Since the demand zone at 125.00 was reached, this cross has been engaged in a relentless effort to rally. The relentless bullish effort has become a threat to the recent bearishness in the market, and once price goes above the supply level at 129.50, the bias would turn completely bullish.

A downwards movement from here would also result in a confirmation of the recent bearish outlook on the market. The EMA 11 is still below the EMA 56, but the RSI period 14 is above the level 50. Should the current bullish correction continue, it would eventually lead to a new bullish bias being formed in the market.