Hello everyone,
Today I am marking this pair for couple of reason. First of all we have seen a big decrease of infected in Japan as I mentiod yestrday as this whole COVID-19 change perception of investment. But why am I still belive on JPY and their politics ? Yestrday was meeting a Japanies minister with China minister and they talked about an opportunity to push forward regional trade deals. As we know China and Japan are not in good international relationship and there is prove when China publish some good data about for example( manufacturing, export) we saw a weakness of Japan Jen against Euro, Australia Dollar, because Australia and EU are the biggest importer from China. From tehnical point of view we can see a couple of times a testing our resistance line which is good indicator that bullish will lost momentum, we have a double top and it is very good pattern to watch from point of view as reversal trade. But if you wanna to enter to this trade I preffer to wait a break of triangle pattern as confirmation that bearish will take the momentum from bullish traders. Ema of 21 is above our last candlestick and someone who likes to trade with Moving averages as resistance and support this need to watch close.
P.S. Avoid to trade with Euro because today is ECB Publishes Account of Monetary Policy Meeting at 12:30(ECT+1) am and I excepting a big volatility in the market
TP will be at our support line and SL will be little bit above resistance line.
WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.
Today I am marking this pair for couple of reason. First of all we have seen a big decrease of infected in Japan as I mentiod yestrday as this whole COVID-19 change perception of investment. But why am I still belive on JPY and their politics ? Yestrday was meeting a Japanies minister with China minister and they talked about an opportunity to push forward regional trade deals. As we know China and Japan are not in good international relationship and there is prove when China publish some good data about for example( manufacturing, export) we saw a weakness of Japan Jen against Euro, Australia Dollar, because Australia and EU are the biggest importer from China. From tehnical point of view we can see a couple of times a testing our resistance line which is good indicator that bullish will lost momentum, we have a double top and it is very good pattern to watch from point of view as reversal trade. But if you wanna to enter to this trade I preffer to wait a break of triangle pattern as confirmation that bearish will take the momentum from bullish traders. Ema of 21 is above our last candlestick and someone who likes to trade with Moving averages as resistance and support this need to watch close.
P.S. Avoid to trade with Euro because today is ECB Publishes Account of Monetary Policy Meeting at 12:30(ECT+1) am and I excepting a big volatility in the market
TP will be at our support line and SL will be little bit above resistance line.
WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.