Beijing is clearly getting nervous about the pace of growth in the world’s second-largest economy. This week the release of more important economic data will provide us with further insight into what is happening in the world’s second-largest economy.
The Nov. 6-7 EURUSD reverse was not a ‘piercing line’, but close. The Nov. 10 session was not a bullish ‘inverted hammer’, but close. And Friday’s price action did not form a bullish hammer, but it was close.
ECB President Mario Draghi is making a highly-anticipated speech at the Jackson Hole symposium, so traders may want to wait to get his latest assessment of the Eurozone economy and the ECB’s appetite for enacting an outright QE program before committing either way on EURJPY.