If we look at the 60-minute chart of the EUR/JPY cross, it can be seen that the CCI indicator managed to break above its three main levels (-100, 0, & 100) then dropped back down and was stuck at level 0 which indicates that there is significant support, namely at the area level of 156.43-156.62 and supported by WMA (20) which crosses above SMA (120) then based on these facts EUR/JPY in the near future has the opportunity to strengthen up to the area level of 157.63-157.74 unless it is on its way to that level suddenly there is a downward correction below the level of 156.34, so the strengthening scenario described earlier will cancel itself.
(Disclaimer)
