⚜ EURJPY Long 450pips

Hello Traders, 🙋‍♂️🙋‍♂️🙋‍♂️

Here we have a EURJPY long trade idea. If you like this idea please show your support!

We can see a break in the WFB line which has also performed another double bottom.

EUR

The EURO ( EUR ) has been impacted by the new COVID-19 variant. This has impacted the EURO drastically. However, we are beginning to see control in Europe.

Portugal - Portuguese Prime Minister António Costa announced on Thursday (November 25) that the country will reintroduce tighter pandemic restrictions.

Czech Republic - A 30-day state of emergency comes into effect on Friday (November 26) as the Czech Republic sees record-high COVID-19 cases.

Slovakia - Slovakia declared a 90-day state of emergency and a two-week lockdown following a spike in COVID-19 cases that saw the country’s seven-day average of cases rise above 10,000.

These are the few fundamental factors which will help make the EURO stronger. Also technically we can see there is strength expected as there is a double bottom & we can see much resistance in this area.

On the other hand we still have the virus spreading and EU countries are locking down or protesting. We must keep this in mind.

JPY

The Japanese Yen ( JPY ) has very strong last week. This has made many XXXJPY pairs very weak especially CADJPY which has had dropped 270pips on Friday alone!

We are expecting some JPY weakness as we can see many XXXJPY pairs at their structure zones which correlate. Such as GBPJPY

We can see the price is in a structure level and DAILY EMA zone

There is also some bad news forecasted for Retail Sales on the fundamental side which will push JPY down in value.

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Please trade with caution and make sure you set your stop losses! Happy Trading 😁

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Comment:

The Japanese Yen ( JPY ) was*** very strong last week