Fed Chair Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in the US500 index since June. Most risky assets experienced severe drawdowns, and EURUSD returned to the above-parity area. We explain everything you need to know about the Symposium in this article.
EUR/JPY: the trend is bearish
2019-11-11 • Updated
SELL 120.70; TP 120.10; SL 120.90
Slowly but surely, EUR/JPY is creeping down. This week, the currency pair broke the support line connecting June lows and thus resumed the downtrend which has been in place since the start of 2018. The pair is moving towards the 61.8% Fibo retracement of the 2016-2018 advance just above 120.00. Daily MAs are in the negative order, and on W1 200- and 50-week MAs have just formed a “dead cross”. As a result, those who are patient enough can trade this downtrend.
Despite a slight decline from its highest levels since 2002, around 109 range, it is just a correction, and the green king, the US dollar, will resume its rally…
What will happen? Federal Reserve Chair Jerome Powell will give a speech during the Jackson Hole Symposium on August 26 at 18:00 GMT+3…
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