Daily analysis of EUR/JPY for March 6, 2018

EUR/JPY

There is recently an upwards bounce in the market – in the context of a downtrend. The upwards bounce is yet to nullify the downtrend, but it would do so as soon as price goes above the supply zone at 132.50, which would require a strong buying pressure. The demand zone at 129.50 was tested this week, and it has thus become a formidable barrier to any bearish propensity.

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There is still a Bearish Confirmation Pattern in the market, but the recent rally has become a threat to the extant bearish outlook. Nonetheless, a strong rally is in the offing, as the outlook on EUR pairs is bullish for this week.

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