Forex analytics and overview
EUR/JPY: Rising Wedge Breakout Opportunity
2023.11.16 09:11
: Bearish – The pair is currently trading at 163.88 within a range with a breakout from a rising wedge pattern. The outlook is bearish, and we anticipate a continuation towards the Average True Range (ATR) target at 163.15, with a further target at the 0.618 Fibonacci level around the 162.82 area for today. Divergence is observed. Monitoring the (USDX) is crucial for determining direction. The average daily true range (ATR) for the pair is 110 pips, with a 90-day average of 121 pips. The USDX is currently showing signs of a potential corrective move upward.
