The EUR/JPY pair is bearish in the long-term, and now bullish in the short-term. It has gained roughly 250 pips this month, and it can gain another 250 pips before the end of the month. That is something that can bring about a long-term bullish outlook on the market as it goes through the supply zones at 133.00, 133.50 and 134.00, even exceeding those supply zones as price goes further and further northwards.
There is a Bullish Confirmation Pattern in the market, which would become more and more serious as price goes northwards. Short trades are not recommended here.
The material has been provided by InstaForex Company – www.instaforex.com