EURJPY: Retracement opportunity (Short)
On the 1 hour time chart, we see a clear downward trend with the 20 MA serving as a resistance. Though there were consolidation in recent prices, as highlighted by the strong presence of dojis and spinning tops, I foresee a temporary retracement to the 20 MA before prices continue its downtrend momentum. The upward retracement is supported by the potential formation of a "Morning Star" pattern in the 4 hour time chart, as well as the oversold signal in the RSI indicator. Sellers can look to short once prices reaches the 20 MA resistance.
On the fundamentals, weak inflation data and dovish Euro outlook from the recent EU Commission meeting is set to exert additional selling pressure on the EURJPY. However, attention should be paid preceding the release of the coming EUR CPI results and FOMC meeting, which may either trigger a price reversal or continuation to its downtrend.
On the fundamentals, weak inflation data and dovish Euro outlook from the recent EU Commission meeting is set to exert additional selling pressure on the EURJPY. However, attention should be paid preceding the release of the coming EUR CPI results and FOMC meeting, which may either trigger a price reversal or continuation to its downtrend.
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