German Trade Balance Extends Support to EUR/JPY – Quick Trade Idea
What’s up, fellas.
As expected, the market is muted and not showing much movement in the absence of high impact economic events. However, Germany has released a low impact economic event which can help determine trends in the European crosses today.
Germany, which is considered a business hub of the Eurozone, released the trade balance data. Germany exported products to the tune of 113.9 billion euros and imported products to the value of 93.4 billion euros in May 2019.
As per the provisional figures, the Federal Statistical Office (Destatis) also reports that German exports grew by 4.5% and imports by 4.9% in the May 2019 year on year. With this, the ECB rate cut or dovish policy sentiment gets a severe dent as a growing economy won’t need immediate monetary accommodation.
Since Euro is supported over fundamentals, we may have an upward movement in EUR/JPY. The pair is facing strong support around 121.315 along with resistance at 121.950. Both 50 and 100 periods EMA are keeping the EUR/JPY pair under a resistance level of 122.
Support Resistance
121.62 121.94
121.45 122.1
121.13 122.42
Key Trading Level: 121.78
EUR/JPY – Trade Idea
The bullish breakout of 122 can lead EUR/JPY prices towards 122.400 and a bearish breakout can extend sell-off until 120.950 today.
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