EUR/JPY trying to break higher

Fawad Razaqzada TradingCandles.com

This is a quick note to highlight a potential reversal in the EUR/JPY, which was in the process of forming further bullish price action after it created a large bullish engulfing candle on Friday. At the time of this writing, it was trying to break its short-term bearish trend line and climb above the 21-day exponential moving average. This pair is one to watch because of the upcoming Eurozone data and the G20 meeting, which has the potential to send risk-sensitive assets sharply in one or the other direction. From the Eurozone, we will have German CPI on Thursday, while Eurozone CPI will be published a day later on Friday.

Figure 1:

Source: Trading View and FOREX.com.

Author

Fawad Razaqzada

TradingCandles.com

Experience Fawad is an experienced analyst and economist having been involved in the financial markets since 2010 working for leading global FX, CFD and Spread Betting brokerages, most recently at FOREX.com and City Index.

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