EUR/JPY STRUCTURE ANALYIS|LONG
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EUR/JPY has broken the horizontal resistance upwards, making it a mirror level.
Having decisively broken out of the long term downward trendline, the the current horizontal structure breakout signals us that the upward momentum is strong.
Thus, a surge up from the mirror level is reasonable to expect.
However, remember, that even though it is not a dollar pair, Yen is very sensitive to the dollar, as Japan has massive Dollar reserves and paradoxically the weaker the dollar the weaker the Yen, so the correlation is high.
Also, today is the day for major Dollar economic new:
Nonfarm payroll
Unemployment rate
Average hourly earnings
Wholesale inventories
Consumer credit
So, beware and don't open any positions unless the setup is perfect!
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Nota
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