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EUR/JPY: bulls are dreaming about the rise
2019-11-11 • Updated
TP1 132.65 TP2 133.7 TP3 134.3
On the daily chart EUR/JPY, the pair reached the 113% target of the “Shark” pattern. As a result, risks of the correction increased. The return of the pair to the previous low is a necessary condition for its implementation. If bulls fail, it will mean their weakness.
On H1, EUR/JPY reached targets of the triangle. Currently, “Wolfe Waves” pattern is developing. To implement it, the pair should come back to the resistance at 131.65 with its subsequent successful test.
So far, the year 2023 has been eventful across several financial markets. As we step into March, it's time to prepare for the benefits the markets have in store
There are rumors from influential sources pointing at Kazuo Ueda as the next governor of the Bank of Japan (BOJ). This decision could lead to the commencement of policies in favor of raising interest rates and monetary policy tightening. Seeing how his appointment is coming after the Yen has lost ground against the Dollar and other top economies, it is only natural to expect a yen recovery. However, let's check the technical factors for confirmation of this prediction to see if the stars align.
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