EUR/JPY edges higher signaling that the temporary decline is over. It has retested the weekly pivot point (128.59) and now it seems determined to develop an important growth. The Japanese Yen could lose significant ground versus its rivals if the Japanese stock index (Nikkei) continues to increase.
JP225 has decreased only a little after its amazing rally, so further growth could punish the JPY. The Euro is bullish in the short term also because the German Final GDP has increased by 1.6% beating the 1.5% estimate.
EUR/JPY H4 Chart Technical Analysis!
EUR/JPY has found support on the weekly pivot point and now it tries to come back above 128.87 former high. It could print only a false breakdown below the minor ascending pitchfork’s lower median line (lml).
Technically, EUR/JPY has confirmed the major ascending pitchfork after retesting the lower median line (LML). The major upside target is seen at the median line (ML). Consolidation around the current levels could bring us new long opportunities.
In the short term, only a valid breakdown below the lower median line (lml) could invalidate the bullish scenario.
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