EURJPY#3--->Waiting to buy:€ / ¥
#Technical_analysis and #Orders
Good day, dear #investors and colleagues #traders!
Your attention a technical analysis of the currency pair #Eurjpy:
#Comment_to_past_week:
The currency pair spent a rather restrained trading week when compared with the activity of the market as a whole. After completing the trading week with minimal changes: -20 points (0.2%).
The currency pair traded with an eye on 2 important factors, the growth of the single European currency and the growth of the Japanese yen.
#Technical analysis:
Globally (D1):
Eurjpy continues to bargain in the ascending channel, however, she constantly tests its lower limit for strength. So far, investors continue to buy back the asset from zone 118.60-118.80. However, the fact that high levels are getting lower is a concern for bulls.
And in the event of a breakthrough of this zone, we run the risk of moving to marks 117-116.
Locally (H1-H4):
The currency pair continues to move in the downward channel, having spent a week in a wide range of 234 points.
By tradition, we call the weekly support and resistance zones:
A) Support: 117.12 & 115.65;
B) Resistance: 119.48 & 120.38;
#Orders_and_position:
At the moment, market indicators, both leading ones and indicators of price behavior, demonstrate normalization of prices.
Trend indicator: trend is down.
- Fundamental data: Given the actions of the Fed, the excessive strengthening of the euro, as well as the situation of the #coronavirus in the EU, it can be assumed that the ECB will go to uncharted territory and introduce negative interest rates.
Earlier, the head of the ECB #Christine Lagarde allowed the adoption of targeted measures to support and stabilize the economy and in its normal state.
The risk that the main bank of Europe will take this step will force the bulls to fix their positions in a single currency.
Also an important factor will be statistics that will be published on Tuesday on # GDP # Eurozone.
According to our estimates, the slowdown in Asia began even before the coronavirus, and the export of the 1st Eurozone economy depends on exports to Asia.
In view of this, we can conclude that the data should come out worse than forecasts, despite the fact that the data are expected worse than the previous ones.
# Deal: Potential purchases.
If the indicators demonstrate the necessary parameters and the price consolidates at the necessary levels, we will try to open a long position with a short stop.
Regards to subscribers,
Ltd ”Wermelgion and Partners Investment”
!Attention: Trading financial instruments and (or) cryptocurrencies is fraught with high risks, including the risk of losing part or all of the investment, therefore it is not suitable for all investors. Cryptocurrency prices are extremely volatile and can change due to external factors such as financial news, legislative decisions or political events. Margin trading leads to increased financial risks.
Ltd ”Wermelgion and Partners Investment” and any provider of the data contained on this website disclaim liability for any loss or loss incurred as a result of trading transactions made with reference to the information provided.
