EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
What to trade? Consider EUR/JPY
Information is not investment advice
EUR/JPY is enjoying the medium-term uptrend since the start of September. The pair’s currently trading above the 50-week MA (121.66) and above December highs (122.50). The latter hadn’t let the pair to get higher for four weeks, so a break above will mean that buyers have become stronger. The next targets on the upside are at 123.35 (June high) and 124.15 (38.2% Fibonacci retracement of the 2018-2019 decline). Although the long-term is negative and there will be significant resistance at the mentioned levels, a weaker yen may lead the pair to the mentioned targets. The medium-term outlook will remain positive as long as EUR/JPY is trading above 121.00.
At the same time, we still haven’t seen a daily fix above 122.50. A decline below today’s low at 122.30 will mean that the move to the upside was false and open the way for a decline to 121.50.
NZD/CAD has reached a 200-week MA (0.8950) and formed a “shooting star” candlestick on the D1. On the H4, we see a lower high.
XAU/USD has moved this week in line with its short-term uptrend and the overall long-term uptrend reaching $1 865.
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