Japan's inflation is set to reach 2% in April's reading, for the first time since 2015. But what about the weaker Yen?!
EUR/JPY: euro's precipitous downfall
2019-11-11 • Updated
On the EUR/JPY daily chart, quotes fell to the lowest level since November 2016. The previously set targets on short positions have been fulfilled. A successful test of 114.56 will increase the odds of fulfilling the target 88.6% in the Bat pattern. It is located near 113.3.
On the EUR/JPY hourly chart, quotes are moving within the downward trading channel. The bears remain their control over the pair. In this situation, the best trading strategies would be selling on growth or opening short positions on the breakouts of supports. The nearest resistances can be found at 115.5, 115.7 and 116.
Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
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