EUR/JPY:- Could We See The Break On Friday?
EUR/JPY:- There hasn't been too much trending movement in the pair this week as we have been trapped under the 129.500 level, and bouncing between the 100 PIP range with the supportive region at 128.500. We are currently attempting to break the trendline, which if broken, would lead us to our previous swing low point in the market 130.300. I am looking for a further continuation towards 131.750, however, all will depend on how the weekly candlestick closes and how the currency pair deals with the first hurdle in its way. A strong weekly closure would potentially lead us to a trend reversal as the currency pair could do with a much-needed rest after falling 1300 PIPs in 4 months.
All eyes will remain on the USD announcements today regarding NFP. Although not directly affected, a weak fundamental reading could cause an accelerated surge in price on the Majors against the USD. This would also see the Euro regain some strength across the board as investors look to put their money into safer waters.