EUR/JPY was into a corrective phase after reaching the 132.36 level. It has declined as much as 130.98 where it has found support again. Now it has rebounded jumping above the immediate downtrend line signaling that the swing lower could be over.
Euro could resume its appreciation if the German Factory Orders and the Euro-zone retail Sales will come in line with expectations or better. Technically, we still have to wait for confirmation before going long on this pair. The pressure is still high after Nikkei’s temporary decline.
EUR/JPY H4 Chart Technical Analysis!
EUR/JPY found support at 130.97 level and now is pressuring the weekly pivot (131.31) and the 38.2% level. Jumping and stabilizing above these levels could signal further growth ahead.
Its failure to reach the descending pitchfork’s median line (ML) signals that the pair could come back higher towards the upper median line (UML). Though, EUR/JPY could move sideways in the short term before really developing a new swing higher.
Conclusion!
The rejection from the 50% retracement level followed by a valid breakout above the weekly pivot, a new higher high, could signal a new upside movement. EUR/JPY will increase if the JP225 will resume its growth.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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