After the pullback on EURJPY during the NY session from multi years high,Is the long awaited correction on EURJPY finally here?
Looking at the 4hr,1D and 1W charts, it’s overly stretched and the RSI indicator is showing overbought conditions.
Positive economic dynamics from the Euro sector has been supporting the Eurjpy’s uptrend for long as rising yields is supporting the dollar thereby undermining the Japanese Yen.
In other for the uptrend to stretch through 133-137,price needs to correct in respect to overbought conditions just like the GBPJPY correction awhile back.
What do you guys think about this pair?.