EUR/JPY bullish due to heavy Yen sell off

November 21, 2016

By Admiral Markets

The unexpected spike in GBP/JPY has led most of the GBP pairs to the upside especially GBP/USD and GBP/JPY. Some data suggested that it was due to the lack of volatility, but I personally think it was due to JPY weakness and very big sell orders on JPY. USDx is still strong while EUR is still weak, however charts show uptrend on EUR/JPY.

POC (61.8, trend line, EMA89) 117.20-35 is the zone where we might see a bounce, provided that bullish order block at 117.50 holds. Target is 118.00 and H1 momentum or 4h close above 118.00 should aim for 118.50. 116.75 needs to hold else the break of the level should lead to a possible stop-grab towards 116.30.

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Article by Admiral Markets

Source: EUR/JPY bullish due to heavy Yen sell off

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