GBPJPY & EURJPY Tumbles Over 400 Pips Over Safe Haven – Key Levels In Focus This Week

Posted Tuesday, February 6, 2018 by
Arslan Butt • 1 min read

Earlier today, the BOJ (Bank of Japan) governor Haruhiko Kuroda speaks in parliament besides Japanese prime minister Abe. They mainly discussed the Risk-off sentiment in the market. The Nikkei is falling dramatically and as per Kuroda, “the movement in stocks is due to various factors, but economies in Japan, Europe, US are in very good shape”. The factors behind stock moves such as corporate profits and economic fundamentals remain strong and there is no change to BOJ’s policies.

Risk-off Sentiment

The investors are moving towards the haven assets and as you know the Japanese Yen retains the status of haven asset alongside Gold. Consequently, the investors seem to buy Japanese yen in the wake of uncertainty. Here are the trading levels we need to follow this week.

EURJPY – Major Trading Levels

Support     Resistance

135.05        138.45

132.89        139.69

131.65         141.85

Key Trading Level:    136.29

GBPJPY – Major Trading Levels

Support     Resistance

152.77          157.45

150.03          159.39

148.09         162.13

Key Trading Level:    154.71

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