Admiral Markets - Analytics

    Admiral Markets

    699.50 6.50/10
    83% of positive reviews
    Real

    EUR/JPY consolidating within bullish pennant

    The EUR/JPY has been consolidating in the bullish pennant for last couple of days. This consolidation is showing a battle between bulls and bears for the next breakout. For trading purpose we have 2 possible scenarios. Twofold scenario is possible due to general downtrend and bullish pennant at L3 support. As the price is generally bearish, we might see a drop from POC zone 117.97-118.20 (H3, DPP, 61.8,EMA89,the top of the pennant) towards 117.50, 117.00 and 116.45. However if we see an upward breakout above 118.25 the price could reach 118.64 and 119.05-20 zone. Watch the correlation table and equities. SP500 will move in correlation with EUR/JPY during NY session.

    Follow @TarantulaFX on twitter for latest market updates


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree