The EUR/JPY failed to break out above its trend line. Instead, it is currently displaying a large bearish engulfing candle. Watch out below!
Speculation that we may have reached peak inflation has helped to boost the appetite for low-yielding assets today, including the yen. Growth concerns amid soft PMI data as revealed by weaker PMI numbers from around the western world have weighed on crude oil prices, further supporting the yen.
Anyway, I just wanted to highlight that engulfing candle, which is a bearish technical development.
By Fawad Razaqzada on behalf of FOREX.com
Speculation that we may have reached peak inflation has helped to boost the appetite for low-yielding assets today, including the yen. Growth concerns amid soft PMI data as revealed by weaker PMI numbers from around the western world have weighed on crude oil prices, further supporting the yen.
Anyway, I just wanted to highlight that engulfing candle, which is a bearish technical development.
By Fawad Razaqzada on behalf of FOREX.com