EMA Crossover in EUR/JPY – BOJ Weakens the Japanese Yen
Looks like a nice call on EUR/JPY as our forex trading signal is heading in the right direction. Here’ s a quick update on our trading signal…
EUR/JPY – Fundamental Review
The Bank of Japan kept its policy steady as widely expected, leaving the interest rate at -0.10 %. The important news from the central bank is that it would make its policy structure more flexible for the long-term yield target. Although, it kept the interest rates on hold, the remarks are quite dovish. In a statement, it demonstrated that the yields may move up or down “to some extent mainly depending on developments in economic activity and prices.” As a result, the demand for the Japanese Yen is suffering.
EUR/JPY – EMA Bullish Crossover & Triple Top Breakout
On the 2 hour chart, the EUR/JPY has a bullish crossover on 100-periods MA and the same level (130) is now extending a significant support to the Japanese cross. The pair has also violated the triple top pattern which provided a strong resistance near 130.150.
The RSI and Stochastics are in the overbought zone on the 2-hour timeframe, but we still have enough room for buying them over bigger timeframes like daily and weekly. Here’s a quick summary of support and resistance levels.
Support Resistance
130.16 130.32
130.11 130.37
130.03 130.45
Key Trading Level: 130.24
EUR/JPY – Trading Idea
We are already in trade and our trading signal is aiming for 130.65 with a stop loss at breakeven at 130.04. All the best!
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