ADS Securities’ team of analysts takes a bearish stance on the Yuppy, as US Syria attack weighs on EURJPY. What is your forecast?
7 April, ADS Securities – Yesterday, the Euro continued to trade in the downward trending channel against the Yen and slipped as low as 117.33, after consumer sentiment in Japan rose more than market anticipations in March while Germany’s factory orders missed the market expectations.
US Syria attack weighs on EURJPY
As of now, the Euro is attempting to recover from early losses in the day, ahead of the German trade balance and industrial production data to be released in sometime. However, the MACD indicator is trading in negative territory, suggesting that the upside might remain limited. Important support is placed at the 117.50 level, followed by the 117.40 and 117.30 levels. A breach below the latter might lead to increased selling pressure on the pair.
On the other hand, the key technical barrier is positioned at the 117.80 level, followed by the 117.90 and 118.05 where EMA 55 is placed.
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