ADS Securities: Bullish EURJPY above 119.00


Weak Japanese manufacturing data has weighed on the Yen, thus making ADS Securities' team of analysts agree on Bullish EURJPY above 119.00. 

3 April, ADS Securities – The Euro continued to witness a sharp sell-off on Friday after Germany’s retail sales declined at the fastest pace since late 2014 in February coupled with a weaker than expected inflation data in the Eurozone.

Bullish EURJPY above 119.00

On the 1H chart, the pair is trading with a bullish showing, as the manufacturing activity in Japan rose less than market expectations in March. Moreover, the MACD indicator has recently witnessed a signal line crossover from below, further validating the above stance.

xm.com
95/100
xm.com Review
Visit Site
eToro
90/100
eToro Review
Visit Site
Vantage FX
90/100
Vantage FX Review
Visit Site

The key technical obstacle is located at the 119.00 level, a breakout above which might trigger positivity in the pair, paving way for the 119.15 and 119.25 where EMA 55 is placed. On the contrary, key support is placed the 118.80 level, followed by the 118.65 and 118.55 levels. A breach below the latter might further weaken the pair.

Bullish EURJPY above 119.00

ADS Securities Risk Disclaimer

This technical analysis about EURJPY is intended solely for the person or entity to whom it is addressed. Such person or entity is prohibited from disseminating, distributing, transmitting or forwarding this communication to any other person or entity. Also, this communication may not be used in whole or in part by any person or entity. Which it was not originally directed to by ADS Securities LLC (“ADSS”, “us” or “we”). Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. Hence, it may not be suitable for all investors.

All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.

Leave a Reply

Your email address will not be published. Required fields are marked *