Analyis EURJPY
While the economic situation in the Eurozone has not been all that positive, this week’s data provided a bit more optimism for the future. GDP and inflation data both beat consensus forecasts, with GDP expanding at 0.2% quarter-over-quarter in Q3 and core inflation rising 1.1% year-over-year in October. While Thursday’s data were better than expected, we are not ready to give the “all clear” on the Eurozone economy quite yet. In fact, we still believe the European Central Bank (ECB) will look to ease monetary policy further in December in an effort to provide more stimulus to the broader European economy. As of now, we maintain our view that the ECB will cut its deposit facility rate further into negative territory, while asset purchases are likely to remain in place. As a reminder, the ECB cut its main deposit rate 10 bps in September to -0.50% and restarted its QE program, indicating that accommodative monetary policy will be in place as long as necessary. There is also a possibility that the new head of the ECB, Christine Lagarde, pushes for countries to implement fiscal stimulus to support the economy.
Analysis EURJPY
EURJPY frame h4 price is on the way side of the short-term amplitude 120-121.However, we can see that H4 is accumulating, leading D1 to completely break the previous bearish trendline. judging EURJPY is likely to decline, + the Japanese Yen is growing well.
SpartaFX expects that EURJPY will be likely to decline soon, so the sell trend will be the selling point of the supply zone that was created before the swing.
Consider selling EURJPY around 121.0x-121.0x SL 121,350 TP 120,400 TP2 119,868
I wish you a successful week
Analysis EURJPY
EURJPY frame h4 price is on the way side of the short-term amplitude 120-121.However, we can see that H4 is accumulating, leading D1 to completely break the previous bearish trendline. judging EURJPY is likely to decline, + the Japanese Yen is growing well.
SpartaFX expects that EURJPY will be likely to decline soon, so the sell trend will be the selling point of the supply zone that was created before the swing.
Consider selling EURJPY around 121.0x-121.0x SL 121,350 TP 120,400 TP2 119,868
I wish you a successful week
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