• 金. 10月 15th, 2021

    TRADEVIEW MARKET-INSIDER

    Market news from tradeview.tech

    Daily London Session Watchlist: EUR/JPY

    ByRealtrade.news

    7月 31, 2020


    The BOJ has been in jawboning mode recently, so I’m looking at this short yen play that’s gaining some momentum.

    Think there’s still a chance to jump in this EUR/JPY rally before the end of the week?

    Before we talk about the setup, check out the major headlines that moved the markets during the Asian session:

    Major FX Pairs Price Performance from MarketMilk

    Fresh Market Headlines & Economic Data:

    Upcoming Potential Catalysts on the Economic Calendar:

    • French flash GDP at 5:30 am GMT
    • U.K. Nationwide HPI at 6:00 am GMT
    • German retail sales at 6:00 am GMT
    • Swiss retail sales at 6:30 am GMT
    • French consumer spending and preliminary CPI at 6:45 am GMT
    • Euro zone flash CPI readings at 9:00 am GMT

    What to Watch: EUR/JPY

    EUR/JPY 1-hour Forex Chart
    EUR/JPY 1-hour Forex Chart

    EUR/JPY recently busted out of its symmetrical triangle pattern, indicating that bulls have taken the upper hand.

    The pair also seems to be completing its pullback and has gathered enough buying energy to sustain its climb. Note that the triangle spans around 150 pips in height, so the resulting rally could be of the same size.

    The Eurozone has a handful of mid-tier reports lined up today, and stronger than expected results could be enough to lift EUR/JPY back up to the swing high and beyond.

    On the flip side, the yen has been under some downside pressure after the Japanese Ministry of Finance warned against the rapid yen appreciation.

    If you’re counting on a larger pullback, better wait for a retest of the broken triangle resistance to hop in. This coincides with the 100 SMA dynamic inflection point and 61.8% Fibonacci retracement level, where more bulls might be waiting.

    Jumping in at market wouldn’t be such a bad idea either, as long as you take note of the average EUR/JPY volatility in setting your exit levels and make sure you practice proper risk management!



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