The 125.80 level stalled the rally twice in May. Busted above today.
The EURJPY today busted above the double tops from May at the 125.80 level and has not looked back.
You can see it clearly on the 5 minute chart.
- The price tested 125.80.
- Saw a small corrective move
- Cracked above and the trend has continued higher.
What now?
The April 28th high at 126.459 has just been tested and held. The high just reached 126.466. A move above that level and door opens for higher levels. There isn't a heck of a lot of resistance on the daily chart. The 127.28 is the high from March 11, 2016 (see daily chart). The 128.21 (see the daily chart above) is the high from March 31, 2016.
Is there a closer target?
When a price ventures into levels that have been in a while, there can be a void of technical targets. Looking at the 4-hour chart, the 126.80 may be a closer target. It connects the highs from January 27 and May 16th.
