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Technical Analysis: EURJPY marching towards the multi year high

EURJPY Tech analysis by Simon Kazinsky on 13:27 November 11, 2014 EST

EURJPY is making its way to 145.50, the multi year high set in the last day of 2013.

Equally important is that the pair is now back above a multi year descending moving average that had acted as resistance as per the chart above.

A short term resolution picture shows that there is a a variety of levels that can act as support in both the 30m and daily charts below. Not until 130 the pair could be seen as a long term bearish proposition.

Retail traders are heavily short at the moment with the long/short ratio standing at 38/62. The party can go on.

The yen seems to be the currency to trade at present. I have produced a report earlier today for USDJPY that you can find here. You can find other technical analysis for the main pairs by browsing the site.