Forex: EUR/JPY bullish on dips - FXWW

FXstreet.com (San Francisco) - EURJPY rallied above 55-day EMA resistance (97.80) late last week, closing above the mean at 98.10 for the first time since April 25; the pairing peaked at a fresh monthly high of 98.40, stalling just ahead of key resistance at 98.70 (61.8%, 101.59/94.12).

"EURJPY is consolidating recent gains above 97.50 and looks set to consolidate and edge higher," comments Sean Lee, founder of FXWW. "This pair has already recovered by 400 pips off its lows so buying dips in the face of an overall downtrend does make the most sense."