EUR/JPY Forecast Fundamental Analysis | Euro / Japanese Yen

EUR/JPY Forecast Fundamental Analysis | Euro / Japanese Yen

Written by: PaxForex analytics dept - Friday, 17 April 2020 0 comments

The Japanese Tertiary Industry Index for February decreased by 0.5% monthly. Economists predicted a decrease of 0.6% monthly. Forex traders can compare this to the Japanese Tertiary Industry Index for January, which increased by 0.3% monthly. The Eurozone CPI for March is predicted to increase by 0.5% monthly and by 0.7% annualized. Forex traders can compare this to the previous Eurozone CPI for March, which increased by 0.5% monthly and 0.7% annualized. The Final Eurozone Core CPI for March is predicted to increase by 1.1% monthly and by 1.0% annualized. Forex traders can compare this to the previous Eurozone Core CPI for March, which increased by 1.1% monthly and 1.0% annualized. The Final Eurozone Harmonized Core CPI for March is predicted to increase by 1.0% monthly and by 1.2% annualized. Forex traders can compare this to the previous Eurozone Harmonized Core CPI for March, which increased by 1.0% monthly and 1.2% annualized.

The EUR/JPY forecast remains bearish after the breakdown below the Tenkan-sen. Price action is being pressured lower by the Senkou Span A and Span B and is approaching key support. Weak Eurozone data is expected to pressure a breakdown as the Covid-19 pandemic continues to force lockdowns in many countries, resulting in a global recession. How will today’s Eurozone data impact this currency pair? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.

Should price action for the EUR/JPY remain inside the or breakdown below the 116.350 to 117.500 zone the following trade set-up is recommended:

  • Timeframe: D1
  • Recommendation: Short Position
  • Entry Level: Short Position @ 116.800
  • Take Profit Zone: 112.100 – 113.100
  • Stop Loss Level: 118.700

Should price action for the EUR/JPY breakout above 117.500 the following trade set-up is recommended:

  • Timeframe: D1
  • Recommendation: Long Position
  • Entry Level: Long Position @ 118.700
  • Take Profit Zone: 120.300 – 121.150
  • Stop Loss Level: 117.500

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