EUR/JPY preserves bullish momentum it started to exhibit at the end of the previous week—right now the currency pair is eroding the 55-day SMA at 129.78.
Pair finished the last week just slightly above the 100-day SMA, at the 55-day SMA at 0.945.
99 JPY area with the 55-day SMA seemed a tough target last week.
At the end of the last week it seemed that the pair might depreciate all the way till 1.50 with ease.
It seemed that a bounce from the 100-day SMA last week could send the pair on the path of regaining all of the recent losses.
As expected, there was no reason for NZD/USD to climb over 0.7876/53 mainly formed by the bearish trend-line, which for now appears to be impenetrable.
For a brief moment USD/CAD was dangerously close to breaching 1.0447, which most probably would mean a decline down to 1.0267, a cluster of supports consisting of the falling support line and the monthly pivot point, as well as 55 and 100-day SMAs.
The rally above 0.9269 was not sustained, leading to a strong sell-off that is currently taking place.
Resistance at 129.22/16 was unable to contain EUR/JPY's bullishness for long, letting the currency pair to soar up to 129.72 today.
At the moment pair seems to be stuck between the 55 and 100 day-SMAs.
It seems that the pair is gaining pace as at the moment it is testing 99 JPY level.
Pair spent most of the yesterday supported by the 100-day SMA around 1.53.
Yesterday pair did not manage to confidently breach 100-day SMA.
Despite the bearish outlook NZD/USD has, it still aims for higher levels.
Bullish behaviour of USD/CAD seen at the beginning of the week gave way for a strong 100-pip sell-off in the second part.
Even though the bears at the moment are unable to push the price lower, their pressure is constantly being felt in the market—the rally remains shallow and brittle.
Yesterday EUR/JPY briefly spiked below the support at 127.59/46, but the dip was held by a weekly S1 level at 126.53.
Pairs corrective move has, with some trouble, consolidated above the 200-day SMA and at the moment it is testing 0.943/45.
Pair seems not only remaining in a range, but narrowing it as well—150, 120, 90 pips in recent sessions and 60 pips today.
Pair dipped till 1.53 where it found initial support with the 100-day SMA.
Pair received bullish from the 55-day SMA, around which it was trading yesterday, and dipped to 1.298.
While none of the previous resistances, such as 2012 high, were unable to tame the bulls, monthly R1, in conjunction with the Bollinger band, stopped the rally at 1.0547/21.
It is easier to imagine NZD/USD lower than the present levels in the future than higher.
The currency pair faces more and more difficulties while descending.