EUR/JPY Consolidates in Bullish Channel – Quick Trade Idea

The Japanese crosses, especially the EUR/JPY is stuck in narrow ranges due to lack of interesting fundamentals. EUR/JPY is trading around 125.21, adding +0.24 points and +0.19% for the day.

On the release front, Japanese PPI failed to surprise the market with a gain of 0.6% in January, missing estimates of 1.0%. It has placed heavy selling pressure on the Japanese Yen, since this was the lowest level since January 2017. Besides that, the Japanese economy released GDP figures with an estimate of 0.4%.

On the other hand, the single currency Euro gained support after German GDP showed an upward movement by 0.2% and employment up by 0.3% in the Euro area.

Support Resistance
124.83 125.32
124.66 125.64
124.17 126.13
Key Trading Level: 125.15

Technically, the EUR/JPY is stuck in a slight bullish channel which is supporting the pair near 125 along with resistance at 125.650. So, here’s a thing, the idea today is to stay bearish below 125.650 with a stop loss above 125.850 to target 125. While buying will be preferred above 125 today.

Good luck!

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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