Petaryot

EURJPY - Very important level to watch - Long bias

FX:EURJPY   Euro / Japanese Yen
108 1 13
Similarly to most JPY pairs, this week has been a crazy bull run. JPY pairs have broken significant levels. Now it has come the time of EURJPY             to test its longer term trend line resistance.

As can be seen from the chart, at the moment we are right at this key level. Watch closely in order to determine the trend over the next few weeks. Yesterday GBPJPY             broke out of a very similar channel so there is some bias of EJ             to the long side
The Japanese debt to GDP ratio is horrifying. I agree, not much faith long term in the yen, especially with the aging workforce and current low interest rates. If rates rise in Japan or they start to experience any major inflation this will be a very profitable long trade.
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