EUR/JPY taking the early lead in todays trading session...

FX:EURJPY   Euro / Japanese Yen

Amid a lacklustre open to the trade session EUR/JPY has taken an early lead in development especially within the daily uptrend. As we are seeing a nice break-out continuation, we should see the final leg to the upside relatively soon.

Latest news from this morning:

BoJ Governor Kuroda says they are closely watching FX moves but will not comment on details; no need to think the JPY's rise is having serious effects on the economy.

EU Chief Brexit Negotiator Barnier said there is good progress but the last stumbling blocks remain and that in this final stretch of talks, transparency and unity are important as ever. (Newswires)

EU Chief Brexit Negotiator Barnier reportedly said that a Brexit deal is possible by Friday according to AFP citing sources, while other reports stated that EU Chief Brexit Negotiator Barnier is understood to have told the EU Parliament that a Brexit deal is possible by the weekend but difficult, according to WSJ's Norman. ( AFP /WSJ)

Comment: No obvious reaction to the BoJ that was bang in line with expectations on all counts, but the Yen has treated further from pre-policy meeting peaks vs the Dollar and other G10 peers perhaps taking some note of Governor Kuroda’s reminder that currency moves are being closely observed rather than his contention that Jpy strength is not having a serious (adverse) effect on the Japanese economy. However, the sharp turnaround in Usd/Jpy to circa 103.60 from around 102.88 only yesterday also looks technical as tend-line support held at 102.75 on some charts. Meanwhile, Sterling has suffered a similar if not worse fall from grace as Brexit vibes turn decidedly more downbeat with the clock ticking down fast to the next EU deadline to strike a trade deal and big gaps still apparent on fishing rights mainly, but not solely. Hence, Cable has recoiled from 1.3600+ to probe bids/support at 1.3500 and Thursday’s base near 1.3490, while Eur/Gbp is almost 100 pips higher and eyeing 0.9100.
Comment: JPY marginally softer despite cautious risk tone.


+1 Reply
@fxpays, Thanks brother!
nice idea mate
I went for this trade at the same, still quite confident? Seems to have broken through the resistance to become support
(I'm a newbie, been studying a lot though, still really anxious about the weekend hold)
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