EURJPY: BOJ Intervention Remains the Key Risk
EURJPY broke out of an āAscending Channelā. This usually indicates an increase in downward momentum.
Given that EURJPY is very overvalued, the chances of a decline are also higher. The only problem that makes this setup very dangerous is that it is related to the BOJ Forex Intervention. All JPY pairs have the same problem considering that the price in all of them does not move in line with the data or fundamentals.
All eyes are on the BOJ Intervention. If they are going to take such action, then EURJPY could fall, otherwise this could be very risky.
If you manage the risk properly, it could be good or if you take a small risk.
However, this is what the EURJPY setup shows today. Most likely we will have a different picture on Monday, so do not hold it open for too long.
Key targets:
1.8445
1.8345
You can find more details on the chart.
Thank you and good luck! š
ā ļøPS: Do your own analysis and use your own strategy to join the trade.
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