EUR/JPY
On this cross, the southward journey may soon be over this week, which could have been harbingered by the slight rally in the context of a downtrend (which happened on February 26), and which would eventually remove the current Bearish Confirmation Pattern in the market. The outlook on JPY pairs is bullish for this week, and for the month of March.
When the demand zones at 131.50 and 131.00 are tested – especially the demand zone at 131.00, the recent bearish bias would receive more emphasis. A movement above the supply zones at 132.50 and 133.00 would result in a threat to the bearishness in the market.
