Originally updated: 06:50am
Currency Pair: EUR/JPY
Sentiment: Bearish
Market focus:
In today’s trade set up we will be focussing on short term selling opportunities on the EUR/JPY.
Fundamentals:
The Yen snapped back early today after Japan’s Finance Minister Taro Aso said the JPY had weakened too rapidly. Looking at the troubled eurozone we have the ECB looking to initiate its ABS program by as early as today. ECB President Mario Draghi will be speaking this morning.
Technicals:
We have a nice confluence zone at 148.65-148.85. This should offer short term resistance for any pullback.
Stop loss could be placed at 149.15
Take profit target: 148
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