Pick of the Day: EUR/JPY

As I stated a couple picks earlier, I would keep an eye for a short trade on this pair. It looks like it’s going to close below the trendline drawn. It has also made a few attempts to break the 144.44 price level, but no luck. EUR/JPY has already started another move down, so now maybe a good time to short this pair. The only concern I have is E-12 quarterly GDP being released at 5:00 am EST. The consensus number has increased to 2.0%, reflecting the economic growth in the Euro zone. Inflation concerns are on the rise, which means possible interest rate hikes for the euro in the near future. I have prepared a long trade idea in case we see a surge in the euro.

Long EUR/JPY at 144.59, stop at 144.19, pt1 at 144.72, pt2 at 145.00

Short EUR/JPY at 143.68, stop at 144.10, pt1 at 143.51, pt2 at 143.24

Good luck and good trading!

P.S. Don’t forget to check out Big Pippin’s and Pipcrawler’s new signal blogs!