• Chance To Ride The Missed EURJPY Breakout

    Chance To Ride The Missed EURJPY Breakout

    The EURJPY pair previously broke out from a continuation inverted head and shoulders pattern. This occurred when the euro surged against the Japanese yen to bring the pair over its resistance at 132.00. Following the breakout, the pair rose to a high of around 132.70. Since reaching the mentioned high, the pair has weakened and has revisited the pattern’s former neckline. If the 132.00 support holds then the EUR/JPY pair may rise back to at least 132.50 or even to its upside target of 133.00. On the other hand, a fall below 132.00 may send it down to at least 131.50.

    Fundamentally, the German Ifo Business climate index will be released this afternoon. The index is seen to marginally rise to 106.30 from 105.90 but with the better-than-expected PMI figures from France and Germany yesterday, there’s a good chance that the German Ifo would also print a higher than estimate figure. A better-than-expected number would benefit the euro while the opposite would dampen it.

    New to forex trading? Join our next forex trading class for beginners. For more information, kindly check out our events page or contact us.

    Trading Edge Consultancy holds stock trading classes and forex trading courses for investing in the Philippine stock market. Trade and invest in the stock market with our courses and expert advice. Learn more.

    Share on FacebookTweet about this on TwitterShare on Google+Share on LinkedInShare on TumblrPin on PinterestShare on StumbleUponShare on RedditDigg thisBuffer this pageFlattr the authorEmail this to someone