Instrument: EURJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 133.416 with take profit at 133.555.
Bearish Preference:
Sell position is envisaged if price trades below 133.176 with take profit at 133.059.
Fundamentals:
9:00 am EUR Italian Quarterly Unemployment Rate
Comment: EURJPY has started the Asian Section with a bullish movement on the D1 time frame where price is currently sitting on the 132.964 support level.
However, it’s worthy to note that the pair has been seen trading above the 50 period M.A in an upward trend but right now, the 21 M.A is seen cutting across price on the daily time frame indicating a slight consolidation in price. It is quite uncertain if the quarterly unemployment rate of the EUR is able to break this consolidation in the market, as traders now are looking for a strong fundamental to give the next push or pull on the pair.
Analysis: SCRUM Team