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: the euro can weaken
2019-11-11 • Updated
Recommendation: SELL 127.55 SL 128.1 TP1 126.55 TP2 125.75 TP3 123.1, BUY 130.1 SL 129.55 TP1 131.1 TP2 132.15 TP3 132.55
On a daily chart of EUR/JPY, the consolidation as a part of the implementation of the “Broadening wedge” pattern continues. If bulls break the resistances at 128.96 and 129.95, they can count on reaching the 88.6% target of the “Bat” pattern. On the other hand, the successful test of the supports at 128 and 126.55 will increase the bearish pressure.
On H1, the implementation of the “Spike and Ledge” pattern continues. If the pair manages to leave the 127.55-130.1 range, the risks of the implementation of the “Bat” or AB=CD patterns will increase.
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