EURJPY - Buy the dip?
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Are we going to pull back or just continue? Based on the charts and fundamentals we could have a small pullback but at the same time remain bullish. The Yen keeps getting hammered and will continue to go down. Only the BOJ can save the Yen but will this even be enough? We will see.
Technicals
→ We are in an up sloping channel which we respect since beginning of '24
→ We are at a resistance on that channel.
Fundamentals
→ Last time BOJ intervened was in April '24. Even after being added as a currency manipulator watchlist from the US they will inevitably keep intervening. They simply have no choice!
→ Interest rate is still low in Japan and that will keep investors from investing in the Yen.
→ Outlook on DXY is neutral to slightly bullish in the short term but the main trajectory of volatility is the Yen not the USD.
Trade
→ Buy the dips in key areas and for intraday traders any direction is possible.
Your trading friend,
Simba Trades
Technicals
→ We are in an up sloping channel which we respect since beginning of '24
→ We are at a resistance on that channel.
Fundamentals
→ Last time BOJ intervened was in April '24. Even after being added as a currency manipulator watchlist from the US they will inevitably keep intervening. They simply have no choice!
→ Interest rate is still low in Japan and that will keep investors from investing in the Yen.
→ Outlook on DXY is neutral to slightly bullish in the short term but the main trajectory of volatility is the Yen not the USD.
Trade
→ Buy the dips in key areas and for intraday traders any direction is possible.
Your trading friend,
Simba Trades
Note
What a dip as predicted in my analysis! Due to Yen intervention we see Yen rising. Is this the market shift we were waiting for? I am not convinced yet. But congrats to all the sellers!
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