EUR/JPY: 118.40 in the cards in a bullish technical set up? - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair edged higher this Wednesday, but held within its early week range, with the pair in consolidative mode around the 61.8% retracement of the post-Brexit slump at 117.20. 

Key Quotes:

"Yen's bearish run seems to have come to a halt ahead of the BOJ's meeting next week, and the market may have priced mode easing than the one the Central Bank may offer. In the short term, the pair presents a modest bullish tone, as the price is above its 100 SMA, whilst the technical indicators aim north above their mid-lines. 

Monday´s high stands at 117.76, which means some additional gains beyond it can see the pair extending up to the 118.40 region, this month high. In the 4 hours chart, technical indicators remain flat within positive territory, reflecting the ongoing range, but also favoring the upside."