Trading Outlook – EUR/JPY

Posted On 05 Feb 2015

By : Jarratt Davis

Comment: 0

Tag: EURJPY

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Originally updated: 07:05

Trading Bias:SHORT

Currency pair: EUR/JPY

Current Sentiment: Bearish

In today’s trading session we will be focussing on selling opportunities on the EUR/JPY.

Fundamentals:

In the last 24 hours we’ve had the ECB surprise the market stating that they will no longer accept Greek Bonds as collateral, this has seen the EUR weaken throughout the overnight session.

This move has caused an increase in uncertainty with the market taking a slightly risk off tone, this turnaround has come following a recent stint of civility between the newly elected Greek government and the EU.

Technicals:

We expect this pair to sell off during today’s session.

There is strong resistance at 133.05-133.10 which could provide trading opportunities should the price pull back. Look for the price to bounce off this level if it retraces back to it.

Remember to be aware of intra-day news as this can very often change the sentiment which makes our trade weaker. Look for any news that could be positive for this pair, which would change the sentiment to bullish.

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