EUR/JPY looks vulnerable

EUR/JPY looks vulnerable

Trade idea

SELL 126.15; TP1 125.90; TP2 125.45; SL 126.40

EUR/JPY failed to settle above the 100-day MA. This line has a bearish bias and acts as resistance around 126.70. The weekly pivot point is also located near this area. As long as the pair is capped by this level, sellers will dominate at this market.

The ECB meeting scheduled later today will lead to an increase in volatility. There are reasons to think that the upcoming move will be to the downside. The bearish targets include a former resistance zone of 125.90 and 125.45 (Fibo level).

EURJPY d1.png

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