12 Dec 2013
EUR/JPY could be ready for a fourth wave pullback; possible target 138.65
FXstreet.com (Barcelona) - EUR/JPY finally appears to be in (modest) correction mode with a possible projected downside target of 138.65.
EUR/JPY traders will be watching European data and global risk appetite
Potentially market-moving data for EUR/JPY will be released Thursday in the form of:
• Another Mario Draghi speech
• EuroZone Industrial Production
• And, the ECB’s Monthly Report on the EuroZone Economy
Technical outlook for EUR/JPY
Technicians say the EUR/JPY may now be in a fourth wave correction with support starting at 138.65 (the first Fibonacci retracement of the most recent up move). Below that, additional support comes in at the 12/4 low of 138.42. The next upside target once the correction runs its course comes in at 142.62.
EUR/JPY traders will be watching European data and global risk appetite
Potentially market-moving data for EUR/JPY will be released Thursday in the form of:
• Another Mario Draghi speech
• EuroZone Industrial Production
• And, the ECB’s Monthly Report on the EuroZone Economy
Technical outlook for EUR/JPY
Technicians say the EUR/JPY may now be in a fourth wave correction with support starting at 138.65 (the first Fibonacci retracement of the most recent up move). Below that, additional support comes in at the 12/4 low of 138.42. The next upside target once the correction runs its course comes in at 142.62.