EURJPY ends this week, advancing over 140 pips or 1.20% boosted by the weakness of the Japanese currency.
The big picture continues showing the price action running in a sideways structure, where the price currently develops a second bearish leg.
For the following five trading sessions, I anticipate that the cross could continue the current week rally with a potential target at 120.55, where the price could start to consolidate.
Mid-term, I expect a decline to the area of 115.59. Our long-term outlook is for more upsides to the 126.5 level.
The big picture continues showing the price action running in a sideways structure, where the price currently develops a second bearish leg.
For the following five trading sessions, I anticipate that the cross could continue the current week rally with a potential target at 120.55, where the price could start to consolidate.
Mid-term, I expect a decline to the area of 115.59. Our long-term outlook is for more upsides to the 126.5 level.