Pick of the Day: EUR/JPY

In tonight’s pick I’m looking for the Japanese Yen to strengthen against the Euro. We have seen Asian currencies rally against the majors in the past few trading days. Especially the Yen, as traders are positioning for a possible rate hike out of the BoJ. The pair has been in a down trend on the one hour chart, but it’s possible we may see a short move upward before it continues its downward move. We have German GDP being released at 2:00 pm EST. Please be cautious during that time. Here are a couple of short ideas:

Short EUR/JPY at 141.25, stop at 141.55, PT1 at 140.05, PT2 at 140.85

If the pair moves higher, then:

Short EUR/JPY at 142.05, stop at 142.35, PT1 at 141.80, PT2 at 141.50

Good luck and good trading!