EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/JPY reversed from support area
2019-11-11 • Updated
- EUR/JPY reversed from support area
- Next buy target - 127.00
EUR/JPY recently reversed up from the support area lying between the powerful support level 125.00 (former strong support level from May) and the the lower daily Bollinger Band. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing – which started the active impulse wave 3. EUR/JPY is expected to rise further toward the next buy target at the next resistance level 127.00 (top of the earlier wave (iv)).
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
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