EUR/JPY
This cross has been going strong downwards since February 2, shedding 700 pips in the process. Nonetheless, the southwards journey will soon be over, as a strong rally is expected, which would eventually remove the current Bearish Confirmation Pattern in the market. The outlook on JPY pairs is bullish for this week, and for the month of March. So, short trades are not advisable.
The price is currently below the supply zone at 121.50, going towards the zone level at 121.00. Another demand zone at 120.50 may also be tested, but the price would not be able to go further than that since a rally is expected.
The material has been provided by InstaForex Company - www.instaforex.com
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