Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/JPY: bulls are going to attack
2019-11-11 • Updated
On the EUR/JPY daily chart, there is a transformation of the inverted "Shark" pattern into 5-0. The return of quotes to the level of 121.8 (23.6% of the CD wave) will increase the risks of recovery of the uptrend. In contrast, a successful test of the support at 120.65 can lead to the development of correction towards 120.5 and 119.95 levels.
On the EUR/JPY hourly chart, 121.4 is the immediate resistance level. Its breakout will activate the inverted "Shark" pattern with the target of 122.45. A more secure entry point to BUY is the area of the upper boundary of the downward trading channel.
Recommendation: BUY 122,8 SL 122,25 TP 123,8.
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