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Euro / Japanese Yen

EURJPY inverse head and shoulder

By Antonio_trader
Updated
Pattern is nice but lacks divergence on indicators but fundamentals are in line after the weekend. It is bouncing of a major weekly trend line (you can see in the comments). Expected to make it to MPO but long term ECB will not let euro get too expensive as it would be devastating to the economy. Recent comments from ECB suggest even further dovish outlook on rates possible if EU economy stagnates below 0.4% that it grew from the start of the year.
Comment
snapshot
Comment
Major level tested again, long term looks like it is gearing up for a break but first a retest of the MPO level at 123.70.
bankratesChart PatternsEURJPYInverse Head and ShouldersTrend Analysis

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