EUR/JPY is enjoying the medium-term uptrend since the start of September. The pair’s currently trading above the 50-week MA (121.66) and above December highs (122.50).
Daily Market Analysis
Last week GBP/USD has failed to stay above the 200-week MA (1.3065) for the second time.
EUR/GBP formed a candlestick with a long lower wick on the MN chart – a sign of reversal to the upside…
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If you look on the weekly chart of GBP/JPY. You will see that the pair has ran into resistance of the 200- and 100-week MAs.
On the H1, you can see that EUR/USD formed an inverted “Head and Shoulders” pattern.