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Instrument: EURJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 149.844 with take profit at 149.956.
Bearish Preference:
Sell position is envisaged if price trades below 149.587 with take profit at 149.460
Fundamentals:
No high-impact bearing to this instrument.
Comment:
A combination of factors provides a modest lift to the Japanese Yen (JPY), which, in turn, prompts some intraday selling around the EUR/JPY cross. The prospect of Japanese authorities intervening in the markets continues to underpin the JPY, which draws additional support from a generally weaker, while EUR/JPY is down 0.8% Also, Natural gas shortages in Europe may trigger gas-to-oil switching which still affects the EURJPY instrument.
Analysis: SCRUM Team
