• The cross stalled its recent positive momentum near the 126.75-80 supply zone and has been consolidating within a broader range over the past three trading session.
• The fact that the cross has already found acceptance above 100-day SMA, coupled with bullish oscillators on 4-hourly/daily charts support prospects for additional gains.
• Hence, any meaningful pullback might now be seen as an opportunity to initiate some fresh bullish positions for a move towards March swing highs – around the 147.40-50 region.
• The latter coincides with the very important 200-day SMA, which if cleared would be seen as a key trigger for bullish traders and set the stage for an extension of the appreciating move.
EUR/JPY daily chart