On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
Will EUR/JPY go up?
2019-11-11 • Updated
SELL 132 SL 132.55 TP1 131 TP2 130.3 TP3 130
BUY 133.05 SL 132.5 TP1 134.05 TP2 135.05 TP3 136.3
On the daily chart for EUR/JPY the “Broadening wage” pattern was activated. The update of September maximum will allow bulls to continue moving towards target at 88.6% following the “Bat” pattern. On the other hand, buyers’ inability to reach this target may intensify the risks of a slump.
On the H1 chart for EUR/JPY “Spike and ledge” and “Spike and reversal with acceleration” patterns are visible. Breaking the upper border of the consolidation range between 132.00 and 133.05 will make the price move upwards. If the price crosses the resistance at 132.00, the risk of correction will be possible.
The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure.
Hello, my beautiful readers. This week, we continue our critically detailed look at the markets in hopes of getting profitable trading opportunities. As usual, I'll be starting with the DXY (US Dollar Index) since it holds considerable sway over the Major currency pairs.
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