EUR/JPY Soares Despite Stronger Industrial Production – Trade Plan - Forex News by FX Leaders

EUR/JPY Soares Despite Stronger Industrial Production – Trade Plan

Posted Monday, March 18, 2019 by
Arslan Butt • 1 min read

Traders, it’s another boring Monday with slow economic activity. However, the traders are pricing in the dovish remarks from the Bank of Japan Governor Haruhiko Kuroda. He stated that the Japanese economy is miles from where it wants to be.

Some translated those words as laying the groundwork for a shift from loose monetary policy to the ultra-accommodation.

That’s the reason why investors ignored the Revised Industrial Production which jumped by -3.4%, at a better pace than -3.7% forecast and previous -3.7%.

Support Resistance
126.01 126.56
125.74 126.84
125.18 127.39
Key Trading Level: 126.29

Enough said about fundamentals. I’m looking to enter a buy position as the bullish technical indicators are lining up. The EUR/JPY has a solid resistance up there at 126.600 and that’s the only hurdle keeping me from taking a buying position.

The bullish breakout above 126.600 to 126.800 and 127.400. Let’s be patient and wait for an appropriate time to enter the market.

Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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