🔰 Pair Name : EUR/JPY
🔰 Time Frame : 4H/ DAILY
🔰 Scale Type : MID Scale
🔰 Direction : SHORT/SELL
Not too much to talk about in technicals as it's all obvious at the moment, as shown in the analysis drawing.
📈 Fundamental shifts in the Japanese economy are gaining momentum. The recent remarks from Bank of Japan Governor Ueda at the ECB central bank forum suggest that policy normalization will require sustained demand-driven inflation through 2024 and continued wage growth above 2%.
Inflation has been running above the Bank's target for over a year, and wage growth is at levels not seen since the early nineties. These developments might prompt the Bank to consider tighter monetary policy.
Heading into Friday's BoJ meeting, the market is anticipating a more hawkish stance from the Bank, resulting in Yen appreciation against several G7 currencies. 🇯🇵💹
EUR/JPY has formed a potential double top pattern, and prices have declined. We are now focusing on channel support, and a successful break and close on the daily chart may lead to a move towards 153.45 by the end of the week.
Today's crucial ECB rate decision and press conference will influence the short-term direction of the pair. A false breakdown could signal a potential bullish continuation, with the target back towards the double top around 157.90. However, we'll need to see a move above 156.85 to confirm this scenario.
Stay tuned for updates and trade wisely! 🚀💼 #EURJPY #ForexTrading #MarketUpdates #BankofJapan
🔰 Time Frame : 4H/ DAILY
🔰 Scale Type : MID Scale
🔰 Direction : SHORT/SELL
Not too much to talk about in technicals as it's all obvious at the moment, as shown in the analysis drawing.
📈 Fundamental shifts in the Japanese economy are gaining momentum. The recent remarks from Bank of Japan Governor Ueda at the ECB central bank forum suggest that policy normalization will require sustained demand-driven inflation through 2024 and continued wage growth above 2%.
Inflation has been running above the Bank's target for over a year, and wage growth is at levels not seen since the early nineties. These developments might prompt the Bank to consider tighter monetary policy.
Heading into Friday's BoJ meeting, the market is anticipating a more hawkish stance from the Bank, resulting in Yen appreciation against several G7 currencies. 🇯🇵💹
EUR/JPY has formed a potential double top pattern, and prices have declined. We are now focusing on channel support, and a successful break and close on the daily chart may lead to a move towards 153.45 by the end of the week.
Today's crucial ECB rate decision and press conference will influence the short-term direction of the pair. A false breakdown could signal a potential bullish continuation, with the target back towards the double top around 157.90. However, we'll need to see a move above 156.85 to confirm this scenario.
Stay tuned for updates and trade wisely! 🚀💼 #EURJPY #ForexTrading #MarketUpdates #BankofJapan
Trade active
Comment:
📉📈 Three tops! 📈📉 This is a strong indication of forming a downtrend. 📉📉📉 Keep an eye on the market as it might be ready to head south. 🚀📉💹