06.06.201210:05 Forex Analysis & Reviews: EUR/JPY Intraday Technical Analysis

Long-term review

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The USDX remains very strong in the bullish trend on the daily chart. It is also doing a consolidation above the support level of 95.74 with a target around the level of 96.97. If the index does a breakout in that zone, we could expect a rally towards the level of 98.08. The daily chart is already calling for more upside room for this week.

The last Friday was important for the current intraday structure of the USDX, because the index is already forming a higher high pattern above the support level of 96.21. Also, if the USDX does a consolidation above the 96.46 level, it would be expected to do a rally until the 96.90, which is an important high. The MACD indicator is in the overbought zone.

Daily chart's resistance levels: 96.97 / 98.08

Dailychart's support levels: 95.74 / 95.00

H1 chart's resistance levels: 96.46 / 96.90

H1 chart's support levels: 96.21 / 95.82

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 96.46, take profit is at 96.90, and stop loss is at 96.04.

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