Thursday, October 15, 2026

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FxWirePro: EUR/JPY rangebound within a symmetric triangle pattern, breakout to provide clear direction

The single currency remains under pressure following poor Eurozone consumer confidence and mixed PMI data released on Tuesday. Eurozone consumer confidence for Aug decreased by -0.6 points to -8.5, indicating that Europe…

By FxWirePro Team
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FxWirePro: EUR/JPY rangebound within a symmetric triangle pattern, breakout to provide clear direction
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  • The single currency remains under pressure following poor Eurozone consumer confidence and mixed PMI data released on Tuesday.
     
  • Eurozone consumer confidence for Aug decreased by -0.6 points to -8.5, indicating that Europeans have lost quite some confidence this summer.
     
  • Flash euro-zone PMI data also remained mixed and failed to impress euro bulls.
     
  • EUR/JPY is extending narrow rangebound trade within a symmetric triangle pattern.
     
  • 114.15 and 112.80 are pivotal points, breakout on either side could provide clear direction.
     
  • Longer term trend remains lower, price action is below major moving averages and RSI remains below 50 level.
     
  • Market focus now on the German final GDP data, expectations are for an unchanged reading q/q and y/y at 0.4 percent and 3.1 percent respectively.
     
  • Miss on expectations could weigh on the pair. 
     
  • We would recommend going short on break below 112.80, target 111 levels. Bearish invalidation above 113.50, test of 114.15 then likely.
     
  • Violation there could see gains upto 114.66 (50-DMA) and then 116 levels.
     

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By FxWirePro Team