Instrument: EURJPY
Bullish Preference:
A buy position is envisaged if the price trades above158.660 with take profit at 159.086
Bearish Preference:
A sell position is envisaged if the price trades below 157.986 with take profit at 157.557
Fundamentals:
No major fundamental
Comment:
The European Central Bank meets on Thursday, and traders have started reassessing their positions after a Reuters report indicated that the ECB policymakers expect inflation in the 20-nation eurozone to remain above 3% next year, bolstering the case for a tenth consecutive interest rate increase. Inflation in Germany, the eurozone’s dominant economy, remained above 6% in August, data showed last week, that’s three times the ECB’s 2% medium term target. That said, growth in the region is weak, with industrial production in the eurozone expected to have fallen 0.7% on the month in July, according to data due later in the session.
Analysis: SCRUM Team