EUR/JPY bullish momentum is strong

October 11, 2016

By Admiral Markets

The EUR/JPY has broken the trend line in a strong uptrend and that is the signal for a possible retracement. As we could see on yesterday Session Recap the GBP/JPY has respected bearish analysis/setup and I expect similar to happen with EUR/JPY as it is connected to Yen carry trades. POC zone comes within 114.55-70 (H3, bullish order block) and it is in a close vicinity of 50.0. In the case of deeper retracement next POC zones comes within 114.10-25 (L3,WPP, previous double top). The price could be rejected towards 115.40 and if we see a 4 hour close above 115.50 way towards 116.30 should be open.

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Article by Admiral Markets

Source: EUR/JPY bullish momentum is strong

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