Technical Analyst, Saxo Bank Group
EURJPY seems to be trading in a corrective falling like pattern – also called a Flag.
RSI is set to close above its falling trendline and if it does we could see EURJPY testing the upper trend line in the Flag. A close above that trendline could fuel another rally higher towards 150.64- 151.70. a level not seen since 2008.
A close above 147.11 will confirm that bullish scenario.
IF EURJPY instead slides lower closing below 142.50 there could be down side potential to around 139 with support around 141.
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