[Signal] EURJPY: Safe Haven Play
Updated
EURJPYTimeframe: H1
Direction: Short
Technical Confluences for Trade:
- Price action at Resistance of Ascending Channel
- Stochastic Overbought momentum
- Widening of the EMAs
Fundamental Confluences for Trade:
- There is some risk with EUR spiking higher due to the rising inflation situation in Europe but at the same time, global inflation pressure is starting to leave a drag on growth. Risk assets may continue to take a beating and may see some safe haven plays.
- Inflationary pressure is starting to pick up in Japan; may see a change in BOJ's monetary stance (reducing the yield differential between the US and Japan)
Suggested Trade:
Entry @ Area of Interest 139.70 - 140.50
SL: 140.92
TP1: 139.25 (move SL to Entry level once TP1 is achieved)
TP2: 137.85
RR: Approx. 3.30 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
Trade active
Trade closed: stop reached
Yield differentials have pushed the JPY to low levels and killed this trade idea.
Disclaimer: The personal opinion above does not constitute as an investment advice. Any decisions taken based on the above opinion is purely at your own risks. DYOR.
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