There are mixed signals in the market. The EMA 11 is slightly below the EMA 56, and the RSI period 14 is slightly above the level 50. It may be prudent to stay away from this market until there would be a directional movement in it. There are no many fundamental factors expected today in the market, and so, major impacts are not expected.
The situation on EUR/JPY is a kind of tricky right now. Price plummeted on Monday and Tuesday and Wednesday to test the demand zone at 129.50. After that, a rally effort was made, which made price rose by 110 pips, thereby frustrating the bears. Investors may want to wait until there is a directional movement in the market.
The material has been provided by InstaForex Company – www.instaforex.com