EUR/JPY trying to break higher

Will it succeed?

This is a quick note to highlight a potential reversal in the EUR/JPY, which was in the process of forming further bullish price action after it created a large bullish engulfing candle on Friday. At the time of this writing, it was trying to break its short-term bearish trend line and climb above the 21-day exponential moving average. This pair is one to watch because of the upcoming Eurozone data and the G20 meeting, which has the potential to send risk-sensitive assets sharply in one or the other direction. From the Eurozone, we will have German CPI on Thursday, while Eurozone CPI will be published a day later on Friday.

Source: Trading View and City Index

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