EURJPY remained stuck in its daily range of between 133.08 and 136.00 yen since the start of May. The indicators remain bullish with prices ranging above the Ichimoku cloud, as well as above the 20-, 50- and 100-day moving averages. The Tenkan-sen line has also trended strongly above the Ichimoku cloud. The RSI indicator has weakened from its peak of 73 but has started shifting slightly upwards again so the near-term bias is bullish.
Should the positive momentum pick up pace, EURJPY could meet resistance at the top of its trading range at 136 yen. A break above the 200-day moving average at 137 yen could signal a longer term bullish outlook. If prices dropped below the trading range, the next support could come at the Senkou Span B line at 131.78 yen and this would signal a more neutral bias in the near term.