BFCMInvest

The price returned to test the medium term key support

Short
OANDA:EURJPY   Euro / Japanese Yen
The price returned to test.

The price returned to test the medium term key support at 123.8. If it were violated to the downside with closure below it would be a strongly bearish scenario. This would immediately lead it to the next static support at 122.6. Within a couple of sessions then could try to break it down. The pair could reach the next support area at 118 in a week. If, on the other hand, this level, where is the price now, resisted, a very short uptrend will follow up to the static resistance set at 125.7.

Most plausible scenario

Given the macroeconomic situation that is causing markets and investors worry, it is very likely that shortly we will be able to see a retracement of the main indices. This shifting investors to Japan’s currency. The scenario that is taking shape in the European currency also weighs heavily. The ECB’s stagnant economic and monetary policy is weakening the euro . The currency will continue to depreciate throughout 2019.

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