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EURJPY Forecast and Trade Opportunity Update

EURJPY Forecast and Trade Opportunity

EURJPY Fundamental Overview: 

Eurozone Macroeconomic figures remain unpromising,

BoJ: The Bank of Japan is not expected to make any changes to its policy when it announces its decision on Thursday. Kuroda indicated recently that the BOJ could provide additional easing if the price gains lost momentum. This seems to be a bluff. For more than a year now, Kuroda has slowed the pace of bond purchases. In fact, catching the market by surprise, it the BOJ announced before the weekend that it would reduce the amount of long-term bonds it will purchase, for the first time in a few months. There seems to be little appetite for a deeper cut in the minus 10 bp deposit rate or the zero target of the 10-year benchmark yield (capped at 20 bp).

Technical Overview:

Our intraday trade setup based on Head&Shoulders pattern has reached its targets.

Bearish Shark pattern is working as predicted.

The pair ended the week at 125.777, below EMA 50 H4 Chart. The breakout of 125.600 would send the pair 125.000 support.

We plan to add short at the breakout of 125.600. Our targets are 125.400 125.200 and 125.000.

A Bullish White Swan would be completed at D as seen on the H4 Chart. This pattern can be used as a buying opportunity.

Entry notification will be sent to members.

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EURJPY: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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