Asian equity markets mostly lacked firm direction as bourses took their cue from the rangebound session in the US where tech losses were offset by cyclicals.
EUR/JPY: 123.70 awaits
2020-07-29 • Updated
EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern. A return above the 50-period MA will allow the price to recover to 123.50 and 123.70 (resistance line going through the recent highs). Sell trades will become reasoned only below 123.00 (targeting 122.50).
Trade idea for EUR/JPY
BUY 123.30; TP 123.70; SL 123.15
The dollar was down on Wednesday morning in Asia, despite caution over the new B.1.1.7 strain of the COVID-19 virus pushing investors turn toward safe-haven assets.
US stocks are set to extend Monday’s losses when markets open later, as concern about the spread of lockdown measures to tackle the pandemic returns to haunt cyclical stocks.
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