EURJPY clings on, new high soon?
“ECB President Christine Lagarde failed to offer fresh insights with regards to policy outlook.”
EURJPY remain restricted near double top’s peak after European Central Bank failed to offer any new insights. As of today, ECB is widely expected to follow the footsteps of its peers by raising interest rates in July to combat soaring inflation. While the central bank would tighten gradually, ECB President Christine Lagarde emphasized that they will act decisively in the event of deteriorating mid-term inflation expectations. Nonetheless, the pair remain well supported from the downside as Bank of Japan isolate itself by maintaining loose policy setting.
Quick recap on EURJPY
EURJPY fails to push forward as it remain subjected to strong resistance near 143.90.
EURJPY Weekly Technical Analysis
From weekly perspective, the pair is skewed towards the upside as MACD shows adequate bullish momentum.
EURJPY Daily Technical Analysis
However, daily perspective signaled possible retracement in the near-term as it fails to conquer 143.90.
ORDER: BUY STOP
STOP LOSS: 142.30
Target 1: 146.70
Target 2: 148.10
ZFX Analyst’s Comment
In long-term perspective, the pair is biased towards the upside with ample room for bullish opportunities.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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