EURJPY SHORT.
Trend change. Here we have 3 scenarios, Price has broken the ascending channel and we are looking for some more bearish price action; Mario Draghi earlier in the week suggested that policy normalization would be a longer road than most traders were hoping for and the Eurozone's market PMI rolled back from historic highs suggesting that the Euro doesn't have much more room for growth. While Japan on the other hand, Growth continues to improve, inflation is still not at target but I think there is more optimism in the Japan economy than the Eurozone.
Our first target is the year lows, however we are not sure how talks with North Korea will affect the yen in the near short term, it is possible for a pullback towards the area of interest #2 which is also at key Fibonacci levels of previous swing for a better r/r. There is of course the possibility for a false breakout.
Our first target is the year lows, however we are not sure how talks with North Korea will affect the yen in the near short term, it is possible for a pullback towards the area of interest #2 which is also at key Fibonacci levels of previous swing for a better r/r. There is of course the possibility for a false breakout.
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