EURJPY LONG (London Open)
EURJPY BUY
Take Profit 1 - 157.20
Take Profit 2 - 157.70
Take Profit 3 - 158.20
Stop loss - 155.40
Here is my analysis of EURJPY:
The EURJPY pair has been in a bullish trend for the past few weeks, and it is currently trading near the top of its range. The current spot rate is 156.40, and a buy entry point of 156.40 is just below the recent high of 156.60.
There are a few reasons why EURJPY could continue to rise in the near term. First, the EUR is generally seen as a safe haven currency, and it has been strengthening against the JPY in recent weeks as concerns about the global economy have grown. Second, the European Central Bank is expected to raise interest rates more quickly than the Bank of Japan, which could strengthen the EUR against the JPY. Finally, the JPY has been weakened by the recent decline in risk appetite.
However, there are also some risks to consider before entering a trade on EURJPY. The forex market is volatile, and there is always the risk of a reversal. Additionally, the economic outlook for the Eurozone and Japan is uncertain, which could impact the price of EURJPY.
Overall, I think EURJPY is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal.
Here are some additional factors that you may want to consider before entering a trade on EURJPY:
The economic outlook for the Eurozone and Japan.
The level of volatility in the forex market.
The price of risk assets, such as stocks and commodities.
Take Profit 1 - 157.20
Take Profit 2 - 157.70
Take Profit 3 - 158.20
Stop loss - 155.40
Here is my analysis of EURJPY:
The EURJPY pair has been in a bullish trend for the past few weeks, and it is currently trading near the top of its range. The current spot rate is 156.40, and a buy entry point of 156.40 is just below the recent high of 156.60.
There are a few reasons why EURJPY could continue to rise in the near term. First, the EUR is generally seen as a safe haven currency, and it has been strengthening against the JPY in recent weeks as concerns about the global economy have grown. Second, the European Central Bank is expected to raise interest rates more quickly than the Bank of Japan, which could strengthen the EUR against the JPY. Finally, the JPY has been weakened by the recent decline in risk appetite.
However, there are also some risks to consider before entering a trade on EURJPY. The forex market is volatile, and there is always the risk of a reversal. Additionally, the economic outlook for the Eurozone and Japan is uncertain, which could impact the price of EURJPY.
Overall, I think EURJPY is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal.
Here are some additional factors that you may want to consider before entering a trade on EURJPY:
The economic outlook for the Eurozone and Japan.
The level of volatility in the forex market.
The price of risk assets, such as stocks and commodities.
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