EURJPY is over the 6-year trend line after the BOJ’s decisions. If the price can hold out over 126.50 and make weekly and monthly closes, 130 for the short-term and 135 for the medium-term can be good targets for bulls.
For downward moves, a possible reversal from the previous top should be followed. If the price can’t get past the 127.08-127.55 resistance zone, bearish pressures may increase again. For this scenario, Fibonacci levels of %38.2-%50-%61.8 may become good targets for short positions.
For bearish and bullish traders, the key level will be the major trend line, 126.50.
