EUR/JPY testing weekly descending channel

FXstreet.com (London) - EUR/JPY has traded in a range of 147 pips between a high of 129.67 and 128.20 since the release of FOMC and a raft of US data overshadowing EZ data. The pair were trading significantly lower since the FOMC but managed to claim back most of its territory overnight form the lows. There is no data release due for the pair today.

EUR/JPY slightly bullish

EUR/JPY is moving with MA’s in positive territory across short-term levels and neutralising on the weekly chart. On the weekly chart, the pair have tested to the topside of the descending channel and has failed to break above the top. 130.00 is the target and close are required above this level if it is going to bottom and correct the longer term trend.