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[QUOTE="titanfx, post: 100570, member: 33464"]
[SIZE=6][B]EURJPY – Can Euro Continue To Gain Traction?[/B][/SIZE]
[B]Key Highlights  [/B]

·  Euro after tumbling below the 122.00 support area against the Japanese Yen recovered well.

·  There was a bearish trend line formed on the 4-hours chart of EURJPY pair, which was broken during the recent upside move.

·  German Economic Sentiment published by the ZEW recently posted an increase from 4.3 to 11.2 in April 2016.

·  In Japan, the Merchandise Trade Balance Total released by the Ministry of Finance posted a trade surplus of ¥755.0B in March 2016, compared with the forecast of ¥834.6B.

[B]EURJPY Technical Analysis[/B]

The Euro this past week faced a lot of offers against the Japanese Yen, as it tumbled sharply to trade below 122.00. However, the EURJPY pair started recovering recently, and posted good gains.

There was a bearish trend line formed on the 4-hours chart of EURJPY pair, which was cleared by the Euro bulls recently to set the pace for more gains.

[IMG]http://s31.postimg.org/cfj6asjmj/EURJPY_04_20_2016.png[/IMG]

The pair is currently finding sellers near the 38.2% Fib retracement level of the last drop from the 128.21 high to 121.70 low. So, there is a chance of a minor correction back towards the broken trend line before the EURJPY starts to move higher once again.

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[B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B]
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