章节 11 Is EURJPY pushing up?
26/02/2023
Summary
Eurozone positive expectations lead the market.
Fundamental analysis
Fundamentally on this pair EURJPY, we have news coming on tomorrow and after in the economic calendar the Consumer inflation expectation And economic confidence index on the EUR with positive expectations, On the other hand, we have an industrial production index on the Japanese yen with expectations of lower than the previous month at -2.6% and, In the end, it will lead to weakness the Japanese yen.
Eurozone Consumer Inflation Expectations
Previous 17.7
Expected —---
Eurozone Economic Confidence Index
Previous 99.9
Expected 101
Japan Industrial Production Index
Previous -0.1%
Expected -2.6%
Technical analysis
In this 4-hour diagram chart, the market price now is 143.916, We expect the market to touch the previous supply zone at 144.200 Creating a fake breakout and pull back to the previous demand zone at 143.200 to create a new higher low and from there market will start to push up to continue the uptrend until the oldest supply zone at 146.200 with 20 moving average keep pointing up.
Trading Recommendation
Trading Direction: Long
Entry Price:143.323
Target Price:145.323
Stop Loss: 142.327
