EUR/JPY continues to rise but with some corrections in the current trend

The EUR/JPY is forming a bullish pattern at current levels.

The pair managed to fill the gap that was left near the support at the 134.25 level, which houses the 200 day moving average. The EURJPY broke the resistance level at 134.74 and now, this pair is forming a lower high pattern below the resistance level at 135.11. If the pair manages to break that level, it is expected to rise to the level of 135.50. On the other hand, if the pair manages to break the support at the level of 134.74, it is expected to drop to the level of 134.25.

The MACD indicator remains in negative territory and extreme overbought zone, so we must be cautious.

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