EURJPY: trend is your friend
The dollar rises on good non-farm payrolls news and regains levels of mid-July this year. In a scenario where inflation is the protagonist, the ECB will set a new inflation target of 2%, which can be recovered if necessary.
Last June 1, the EURJPY reached highs at 134.142, a level not touched since February 2018. Since then the price has been in a bearish trend.
Below, I will explain my forecast for the EURJPY:
As we can see on the chart, the downtrend line acts as a dynamic resistance and has been respected 8 times. In addition, from the downtrend and the trend line we have an important retracement zone which has been key and is now giving us short signals for the pair.
The trend is your friend, I insist, sometimes it is better to flow in a good trend than not trying to break the trend and find the perfect "sniper entry". This is something that all speculators of all time have said or corroborated at one time or another: from Jesse Livermore to Bruce Kovner to Randy McKay to Michael Marcus.
On a fundamental level, this week we will have to keep an eye on the EIA Short-Term Energy Forecast, Core CPI, Crude Oil Inventories, UK Annual and Monthly GDP, New Jobless Claims and US Monthly PPI.
Greetings traders,
Last June 1, the EURJPY reached highs at 134.142, a level not touched since February 2018. Since then the price has been in a bearish trend.
Below, I will explain my forecast for the EURJPY:
As we can see on the chart, the downtrend line acts as a dynamic resistance and has been respected 8 times. In addition, from the downtrend and the trend line we have an important retracement zone which has been key and is now giving us short signals for the pair.
The trend is your friend, I insist, sometimes it is better to flow in a good trend than not trying to break the trend and find the perfect "sniper entry". This is something that all speculators of all time have said or corroborated at one time or another: from Jesse Livermore to Bruce Kovner to Randy McKay to Michael Marcus.
On a fundamental level, this week we will have to keep an eye on the EIA Short-Term Energy Forecast, Core CPI, Crude Oil Inventories, UK Annual and Monthly GDP, New Jobless Claims and US Monthly PPI.
Greetings traders,
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