Predict SELLING eur/jpy before tonight's CPI
EUR/JPY remains up slightly as it consolidates the previous day's declines around 148.380 early on Wednesday. In doing so, the cross shows a bullish pennant chart pattern in the hourly shadow chart. , giving the recent confirmation score.
It should be noted, however, that the MACD line and the Relative Strength Index (RSI) (14) are slow to challenge the quote's upside momentum, alongside the immediate barrier at 148.40
Even if EUR/JPY buyers confirm a bullish pennant breakout, the 50 SMA around 147,500 could act as an additional hurdle before directing the pair towards its theoretical target near 148,000.
Conversely, a breakdown of the aforementioned pennant support line, near 147.500, could challenge the bullish histogram and possibly direct the pair towards the support of the line. SMA 200 near 146.400.
It should be noted, however, that the MACD line and the Relative Strength Index (RSI) (14) are slow to challenge the quote's upside momentum, alongside the immediate barrier at 148.40
Even if EUR/JPY buyers confirm a bullish pennant breakout, the 50 SMA around 147,500 could act as an additional hurdle before directing the pair towards its theoretical target near 148,000.
Conversely, a breakdown of the aforementioned pennant support line, near 147.500, could challenge the bullish histogram and possibly direct the pair towards the support of the line. SMA 200 near 146.400.
Trade closed: target reached:
SELL EURJPY 148.668 => +60 pips ✅✅✅
