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: yen is hunting a “Bat”
2019-11-11 • Updated
TP1 127.7 TP2 127.2 TP3 126.2
On the daily chart of EUR/JPY, bears pulled the pair below an important support at 128.85 (38.2% of the long-term rising wave) and are trying to return it to the descending channel. If they succeed, the pair will likely go to 88.6% of the “Bat”.
On H1, EUR/JPY keeps forming a “Bat” with the 88.6% target. If it falls below support at 128.5, bears will count on triggering the AB=CD pattern.
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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