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!
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.