EUR/JPY Price Analysis: Extends recovery firmly to near 141.50 EURJPY ECB GDP ChartPatterns SupportResistance
picked demand ahead of the release of the preliminary German Gross Domestic Product data, which will release on Monday. TheThis week, the event that will keep the asset volatile is the interest rate decision by the European Central Bank , which will release on Thursday. Considering Eurozone’s roaring inflation, European Central Bank President ChristineEUR/JPY is displaying rangebound action broadly in a Descending Triangle chart pattern on an hourly scale.
The recovery move from the horizontal support of the chart pattern has pushed the cross above the 20-period Exponential Moving Average at 141.22, which indicates that the short-term trend is turning bullish. While the Relative Strength Index is still oscillating in a 40.00-60.00 range, which indicates a consolidation ahead.
For an upside move, the cross needs to surpass January 25 high at 142.29, which will drive the asset toward January 11 high at 142.61 followed by October 24 low at 143.72.pattern, which will drag the asset towards January 5 low at 140.14. A slippage below the same will expose the cross for more downside toward January 17 high at 139.62.
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