EUR/JPY in a supply zone again [Video]

Olimpiu Tuns Learn 2 Trade

The EUR/JPY pair is strongly bullish and it seems determined to hit new highs. The Yen depreciated versus its rivals as the Japanese Yen Futures crashed. It’s located at 164.97 at the time of writing, far above today’s low of 163.02. Fundamentally, the Japanese National Core CPI reported a 2.6% growth versus the 2.7% growth estimated. On the other hand, the German PPI rose by 0.2%, beating the 0.0% growth forecasted.

Technically, the currency pair turned to the upside again after retesting the lower median line (lml) of the ascending pitchfork. Now, it has passed above the median line (ml) and it challenges the 164.99 static resistance. The inside sliding line (SL) and the 165.17 level represent upside obstacles as well. False breakouts and a bearish pattern inside this supply zone may announce a new sell-off.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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