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EUR/JPY Bullish Configuration Spotted on H4 Time Frame

Nenad Kerkez
Updated

>> The EUR/JPY formed an ascending trend line along with the inverted SHS pattern. A close above the M H3 camarilla pivot suggests a further bullish pressure. <<

A close above 130.65 is needed in order for the EUR/JPY to proceed further up. Inverted SHS pattern implies a continuation move towards 132.02 and 132.34 targets.  Recent reports have indicated that the Bank of Japan (BOJ) may re-adjust their policy settings at their next meeting might weigh somehow on the JPY so the EUR/JPY could fundamentally go up too. Technically, we need a close above 130.65 that is the signal for a long trade.

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This article was originally posted on FX Empire

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