EUR JPY WEEKLY LONG
Updated
EUR JPY Visiting a support line that frist created in FEB 1984 but soon turned into resistance and now we are back at it again in 2024.
ECB is trying to hint market on late rate cut but the key factor is the JXY movement. price action showing a break of 161 level.
solid break above this level will result in a hike towards 174 area. there will be many inner channel resistance in the high way and BOJ actions can break or strengthen the hike and has to be monitored closely. expecting BOJ normalization to begin in APRIL but things can change. bad Q4 GDP data in JAPAN showing unexpected recession in Q4 and this might force BOJ to hold the line.
ECB is trying to hint market on late rate cut but the key factor is the JXY movement. price action showing a break of 161 level.
solid break above this level will result in a hike towards 174 area. there will be many inner channel resistance in the high way and BOJ actions can break or strengthen the hike and has to be monitored closely. expecting BOJ normalization to begin in APRIL but things can change. bad Q4 GDP data in JAPAN showing unexpected recession in Q4 and this might force BOJ to hold the line.
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