EUR/JPY SHORTHello everybody,
Today I'm posting this interesting idea of shorting the EUR/JPY pair.
I think Euro is way more weaker than Yen because of global problem, the COVID-19.
In this moment in Japan we have Active cases: 1.697, in Europe is a big problem, the key countryes are in big problem and almost we have an economic collaps.
In Europe the economy doesn't seems that will recover very soon.
The EUR/JPY has broke the previous daily low at 118.8, at this moment the price range is 118.100-118.200, also the pair broke previous monthly low 118.38.
So i'm personaly aiming the previous weekly low at 117.73, also the pair is at the down trend.
Also the pair passed with no problem the weekly fibbonaci level of 23.6 at the 118.8.
In my opinion, EUR/JPY suggesting a negative bias in the medium term.
The current bearish move is set to extend to the 118.00, 117.50 and potentially to the 116.90 levels if the sellers gather enough steam, also a worse-than-expected business climate in Germany and poor consumer sentiment and other news in this week, make me to posting this trade.
So I will enter in this trade after the pair will hit the 118.100 price and I will have the first target of 117.50, also on the chart I have put in your attention the long term TP's.
Hope you like my analyse and to support me please hit the like button and follow for more ideas to come.
Also please write a comment about the idea and if you have any other ideas or other view about that.
Have a good day and stay safe !
