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EUR/JPY long-term uptrend remains in play – Westpac

FXStreet (Barcelona) - Research Analysts at Westpac note that the short term bearish signals does not change the long term bullish outlook for the EUR/JPY pair.

Key Quotes

“EURJPY has exceeded our bullish target in the last week, capping off an impulsive 5 week rally of 11% with a bearish 3 day candle pattern (evening star) last week.”

“ST momentum has also shifted to a negative bias at the end of last week, adding weight to the ST bearish outlook.”

“These bearish triggers are notably ST factors and do not change the well-established LT uptrend.”

“As such we look for a ST correction towards the 38.2% retracement level at 143.40 and note that this coincides with the March / April highs at 143.40/80.”

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