EUR/JPY Trade Sideways – Quick Update on Trading Signal!
Arslan Butt • 1 min read
What’s up, traders.
The safe haven currency JPY plunged broadly for obvious reasons of concern among traders. I’m speaking about dovish monetary policy by Bank of Japan, geopolitical anxieties from the US-China trade war and Brexit. Our forex trading signal on EUR/JPY is still active. Here’s an update.
The Bank of Japan tried to weaken the JPY in the previous week when it kept its policy steady, leaving the interest rate at -0.10 %. But the recent uncertainties over China and the US trade war has led the Yen up to its strongest level against the dollar in nine days.
EUR/JPY – EMA Bullish Crossover & Triple Top
On the 2 hour chart, the EUR/JPY continues to trade bearish above triple bottom support area of 128.750. On the 2-hour chart, you can see the same level was working as a resistance back in July.
The EUR/JPY has come down to the same resistance cum support level of 128.700. It will be nice to see if EUR/JPY manages to violate this support level or not. Because if it breaks downward, the next target is likely to be 128.250.
Key Trading Level: 128.9
On the other side, the Japanese cross can target 129.250 and 129.650 only if it manages to stay above 128.750..
Good luck traders and stay tuned!