EURJPY - SELL IDEA

Turning my focus to EURJPY, a compelling SHORT opportunity has emerged. Technical indicators reveal bearish momentum, with the pair showing resistance at a crucial Fibonacci retracement level and forming a bearish engulfing pattern, signaling a potential reversal. The presence of a bearish divergence on the RSI and a downward turn in the MACD further supports the likelihood of a downtrend.

The macroeconomic backdrop adds depth to this bearish stance. With the Euro facing pressure from sluggish economic recovery efforts within the Eurozone and potential dovish shifts in ECB policy, contrasted with the Yen's strengthening as a safe-haven currency amid global uncertainties, the stage is set for EURJPY's decline.

This SHORT strategy is crafted with precision, targeting entry points that align with the technical and economic rationale, complemented by clearly defined targets and stop-losses for effective risk management. The goal is to capitalize on the anticipated depreciation of the EUR against the JPY, leveraging the technical indicators and macroeconomic factors at play

Trade closed manually