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: will the pin bar scare sellers?
2019-11-11 • Updated
BUY 130.90 SL 130.35 TP1 131.90 TP2 132.60 TP3 133.00
SELL 129.15 SL 129.70 TP1 128.15 TP2 127.50 TP3 123.90
On the daily chart of EUR/JPY, a successful break below the lower border of the 129.15-132.15 consolidation range will trigger AB=CD pattern with a target at 200%. On the other hand, a pin bar and exit outside of the downtrend channel will allow bulls to counterattack.
On H1, a break of the diagonal resistance with the following successful test of 131.4 will trigger a “Bat” pattern. Its 88.6% target is at 133.
Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
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