An engulfing pattern has developed on the EUR/JPY weekly chart.
With a Friday’s close above last week’s bearish candlestick body, the bullish reversal pattern provides strong visual reinforcement that the support is solid at this level.
From a Western technical perspective, the MACD oscillator below zero and printing higher lows is indicative of an dwindling downward momentum and may lead to price-indicator divergences.
(Market News Provided by FXstreet)