EUR/JPY remains bullish though its trend has weakened

The EUR/JPY found a fairly strong monthly resistance level, which could curb future increases in this pair, for the remainder of November.

This pair has found resistance at the 137.76 level, a fairly hefty monthly pivot levels and therefore is very likely that the EUR/JPY remains below this level for the rest of the month, although any positive news for this key pair, hikes could accelerate. If this pair manages to break the resistance at the 137.76 level, it is expected to rise to the level of 138.38. On the other hand, it’s expected to fall to a weekly pivot at 136.24 level if this pair makes a bearish rebound to current levels.

The MACD indicator is entering extreme overbought zone and continue in positive territory.

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