EURJPY - Stuck within a range.
At this current moment of time, if you look at the pairs of the majors EURO and YEN, They both actually in a range combining the minor pair EUR/JPY this makes sense to be in a range as well.
Fundamentally, we do have the FOMC this week on Wednesday, which could increase the volatility towards these pairs majors and the minor pair of EUR/JPY. Overall, the most important factor that comes out of FOMC this week will be the AIT - I've been stating since last FOMC meeting as there wasn't much information needed but as time as came and they have announced they aim the target of 2% inflation target, give or take below or higher usually they would increase rate hikes but that isn't the case this time that's an important factor to keep in mind. However, it's all good saying they want 2% target but we need clarity. Key question I want out of this FOMC meeting - HOW are they going to reach 2% target? It's getting near to the time where we need answers.
If they execute correctly giving clarity perspective on how they will achieve the AIT - I expect the market response Equities, precious metals to rise and T notes to decline. Vice versa if there is no defined plan I expect the opposite to occur.
Technical aspects: EUR - Range JPY - In Pennant - Indecision for both Major pairs. EUR/JPY - Indecision
Within the daily, we are within the range, to state it more clearly I've put red lines to show under where the bears would be in control and the green lines on where the bulls are in further control and keep an eye on the 50 EMA If we passed below with perhaps a bear candle closing below - bears are in control. To make it easier for trading you could always add alerts or orders in either direction. EUR/JPY is a great sentiment for when there is risk on/off.
Overall, be careful trading this week with the FOMC on tap.
All the best,
Trade Journal
(Just a trade idea, not a recommendation)
At this current moment of time, if you look at the pairs of the majors EURO and YEN, They both actually in a range combining the minor pair EUR/JPY this makes sense to be in a range as well.
Fundamentally, we do have the FOMC this week on Wednesday, which could increase the volatility towards these pairs majors and the minor pair of EUR/JPY. Overall, the most important factor that comes out of FOMC this week will be the AIT - I've been stating since last FOMC meeting as there wasn't much information needed but as time as came and they have announced they aim the target of 2% inflation target, give or take below or higher usually they would increase rate hikes but that isn't the case this time that's an important factor to keep in mind. However, it's all good saying they want 2% target but we need clarity. Key question I want out of this FOMC meeting - HOW are they going to reach 2% target? It's getting near to the time where we need answers.
If they execute correctly giving clarity perspective on how they will achieve the AIT - I expect the market response Equities, precious metals to rise and T notes to decline. Vice versa if there is no defined plan I expect the opposite to occur.
Technical aspects: EUR - Range JPY - In Pennant - Indecision for both Major pairs. EUR/JPY - Indecision
Within the daily, we are within the range, to state it more clearly I've put red lines to show under where the bears would be in control and the green lines on where the bulls are in further control and keep an eye on the 50 EMA If we passed below with perhaps a bear candle closing below - bears are in control. To make it easier for trading you could always add alerts or orders in either direction. EUR/JPY is a great sentiment for when there is risk on/off.
Overall, be careful trading this week with the FOMC on tap.
All the best,
Trade Journal
(Just a trade idea, not a recommendation)
Comment:
Head & Shoulder Formed Break below 124.00 Areas for further confirmation.
Comment:
Next area of interest will be near 200 EMA. (Wait for pull back - see how it reacts!)