HotForex - Analytics

    HotForex

    485.50 8.50/10
    66% of positive reviews
    Real

    MARKET ANALYSIS AND NEWS EURJPY Rolling over from daily Bollinger bands Market News

    EURJPY, 240 min

    Euro area January industrial production beat the estimates today with actual figure being 2.1% while the consensus expectation was 1.5% and December number negative at -1.0%. According to the Eurostat the increase is due to production of capital goods rising by 3.9%, energy and non-durable consumer goods both by 2.4%, durable consumer goods by 1.3% and intermediate goods by 0.9%.

    Long trade idea: EURJPY has been trending lower since July last year and has now after overshooting the bearish daily channel shown signs of stabilization. After creating two weekly bullish pin bars the pair rallied higher towards 127.50 resistance where it hit both 30 and 50 day SMA and the upper Bollinger Bands (20). The pair has been overbought as per Stochastics (7, 3, 3) in 4h chart and is in the process of rolling over. I look for a move to my Buy Area at 124.60 – 125.00 which roughly coincides with the moving averages (30 and 50 periods) and the lower Bollinger Bands (1.5 sd, 20 periods). We look for buy signals at or inside the area with Target 1 is at 126.60 – 127.60 and Target 2 at 128.00 – 128.60.

    Short trade idea: Those that have an interest to play the short side while waiting for the price to move to the Buy Area, might consider shorts with a target at 125.45 (dotted line). In this case we’d look for sell signals between 126.50 and 126.80.

    Only trade these trade ideas if your own analysis agrees with them and you are confident that in your risk management.

     

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:

    Janne Muta

    Chief Market Analyst

    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree