We have outlooked several promising Forex pairs and the result can surprise you!
Catching the moves of EUR/JPY
Information is not investment advice
EUR/JPY reversed down at the 200-week MA around 124.45. The pair became really overbought and formed a reversal pattern on the D1. On the H1, it found some support at the 121.30 (50-period MA). However, the fall below this line will open the way down to 120.60 (38.2% Fibonacci retracement of the May-June advance) and probably even 119.40 (50% Fibo). Buyers will regain confidence only if EUR/JPY rises above 122.00.
Trade ideas for EUR/JPY
SELL 121.25; TP 120.60; SL 121.40
BUY 122.10; TP 122.85; SL 121.95
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.