On October 28 European Central Bank held a press conference. Inflation has hit Europe and now the time has come for more profound steps in the fight with the post-pandemic economy. What should we know to trade these events?
Catching the moves of EUR/JPY
2020-06-09 • Updated
EUR/JPY reversed down at the 200-week MA around 124.45. The pair became really overbought and formed a reversal pattern on the D1. On the H1, it found some support at the 121.30 (50-period MA). However, the fall below this line will open the way down to 120.60 (38.2% Fibonacci retracement of the May-June advance) and probably even 119.40 (50% Fibo). Buyers will regain confidence only if EUR/JPY rises above 122.00.
Trade ideas for EUR/JPY
SELL 121.25; TP 120.60; SL 121.40
BUY 122.10; TP 122.85; SL 121.95
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