Daily forecast EURJPY

[momode]

EUR/JPY

This is another pair that I initially anticipated a zig zag correction in. However, we are at most getting a flat or triangle if not a bullish continuation. Note that this is occurring as the market attempts to break a long-term trendline, as noted in the previous EUR/JPY update.

There's a local pivot at xxx.80. Ability to hold above xxx.00 could suggests bullish continuation, while pushing back below xxx.80 could be a sign of the consolidation mode continuing.

After consolidation, the upside target in the near-term is xxx.60, a key resistance pivot. Above that, the market opens up xxx.50-xxx.60 area, which is the next resistance pivot.

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