Market Spotlight: EURJPY Approaching Target

EURJPY Moving HigherThe EURJPY falling wedge pattern trade highlighted last week has now triggered with price having broken above the 129.59 level. While above here, the initial target is the 130.69 level with a broader target above at 132.02. The solid rise in the Nikkei this week has seen reduced safe haven support for JPY, allowing the pair room to trade higher in the near term. Weakness in the US Dollar (post Jackson Hole) is also helping here, with EUR benefiting more than JPY from the move so far. While the current dynamic continues, there is scope for EURJPY to continue higher in the near term.Key Data to WatchLittle in the way of key data for this pair this week. However a raft of EUR and JPY PMI readings over the week might have some impact. Looking ahead, however, the US labour reports on Friday are likely to be the main focus with some risk that current moves might fade out if USD recovers on a strong reading.

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/market-spotlight-eurjpy-approaching-target"
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