EUR/JPY: Bullish Potential As Prices Climb Above Key Fibonacci Level

Talking Points:

– We’ve been following the breakdown of the prior bullish trend in EUR/JPY, and the pair is now finding resistance at a zone of prior support. This keeps the door open for short-side strategies, and an analyst pick was just published around this setup in the article entitled, Bearish EUR/JPY with Deeper Breakdown Potential.

– EUR/JPY continues to show bearish tonalities, and this may be a more attractive pair for short-side Euro strategies as the US Dollar faces a couple of key drivers over the next two weeks with inflation data and a widely-expected rate hike next Wednesday.

– If you’re looking to improve your trading approach, check out our Traits of Successful Traders research. And if you’d like more of a basic primer for the FX market, check out our New to FX Guide.

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Reversing the Reversal: Strength to Weakness and Back to Strength

The first quarter of this year was a rocky period for EUR/JPY.

Article source: https://www.dailyfx.com/forex/technical/home/analysis/eur-jpy/2018/04/11/eurjpy-techs-bullish-price-action-potential-srepstans.html?DFXfeeds=forex:technical:home:analysis:eur-jpy