EURJPY Keeps on Truckin’
The EURJPY breakout above 130.69 is playing out nicely with the pair moving through both initial targets at 132.02 and 133.13. price is now on course to challenge the 134.42 level next. Looking at the MACD and RSI, both are in bullish territory, though the MACD has weakened a little, suggesting the chance of some consolidation and potentially correction in the near term. However, while the market sits atop the 132.02 level, the pair looks likely to continue towards the next bull objective and a test of the channel top thereafter, with 135.68 sitting as the main upside marker to note.
Key Data to Watch
With little in the way of key data for either EUR or JPY in the near term, the pair is likely to remain pegged to broader risk flows. While USD remains weak and equities continue to push higher, JPY should remain muted, allowing the pair to continue higher. Keep an eye on US employment data into the end of next week for any shift in USD flows which could have an impact.
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Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.