EURJPY Technical Analysis (April 23, 2013)

The EURJPY is very overbought on the higher charts, which indicates that this pair may fall in the coming days.

This pair is facing to a very strong monthly resistance at the level of 130.57. It is quite possible that the EURJPY can not make a breakout of this resistance this week, because the technical indicators are showing us serious overbought levels in this pair, which would lead to corrections in the trend of this pair. For now, my perception long term for this pair is bullish but technically and in the medium term, is bearish and the EURJPY could fall to support at 124.59 level.

The MACD indicator is showing signs of indecision on this pair, but in turn, is showing some divergence indicating that this pair will make a consolidation during this week.

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