2020-07-08 • Updated
EUR/JPY is likely to move further within an uptrend. The cyclical movement is clearly shown on the 4-hour chart. It has been climbing up since June 22 with short corrections. It’s widely expected that the story can repeat again this time. However, the pair may meet the resistance at 121.50. Wait until it crosses this level, as it will clear the way upwards to the next resistance at 121.85 near the 50% Fibonacci retracement level. Look for support levels at 121.00 and 120.70.
Trade idea for EUR/JPY
BUY 121.55; TP1 121.85; TP2 122.50; SL 121.40
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Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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