The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
EUR/JPY: the trend is bearish
Information is not investment advice
Slowly but surely, EUR/JPY is creeping down. This week, the currency pair broke the support line connecting June lows and thus resumed the downtrend which has been in place since the start of 2018. The pair is moving towards the 61.8% Fibo retracement of the 2016-2018 advance just above 120.00. Daily MAs are in the negative order, and on W1 200- and 50-week MAs have just formed a “dead cross”. As a result, those who are patient enough can trade this downtrend.
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