EUR/JPY looks grim

EUR/JPY looks grim

Trade idea

SELL 116.20; TP 115.40; SL 116.60

The current risk aversion is encouraging the safe-haven demand for the JPY, while the weakness of the euro area’s economy is hurting the EUR. As a result, EUR/JPY will likely remain under pressure. Last week’s attempt of the pair to recover failed. Now there are all reasons to expect the continuation of the slide to lower levels, especially as long as the euro remains below the weekly pivot point at 117.18. The evident target is the 78.6% Fibonacci retracement level of the 2016-2018 advance at 115.40. 

EURJPY.png

Similar

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

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USD/CAD firstly formed a bullish “engulfing” candlestick on the W1 and then confirmed the upside by the following strong bullish candlestick.

Latest news

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

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