EUR/JPY Bullish Reversal Candle Will Initiate a New Wave of Buyers

Dear Traders,

The EUR/JPY has dropped during yesterday’s risk off after UK Parliamentary voted yes to Boris Johnson’s WAB motion but no to the timetable.

We see that the price is in retracement mode. Traders should pay attention to H4 bullish close in next couple of hours. Any 4h bullish reversal candle should initiate a new wave of buyers. 120.35-50 is the POC zone. Targets are 121.00, 121.70 amd 122.00. For this scenario to be valid, the price should ideally stay above 119.85 else we might see a trend change.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire

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