Home Event JPY strengthens despite lowering trust index

JPY strengthens despite lowering trust index

02.07.2018

Tool: EURJPY

Position: Sell

(1 ratings, average: 5,00 of 5)

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During the second quarter Japan’s Tankan index that evaluate the trust towards the economics among the largest manufacturing companies kept on descending and has reached its lowest point since April-June of last year. For the first time since 2012, the index has been faling for two consecutive quartals. The probability of the global trade war brings most of the fears to the Japanese businessmen. Since early 2018, the large compaies’ trust for Japan’s economy had been improving for five consecutive quarters. On the currency exchange, the impact of the news about descending trust index has been limited on JPY dynamics.

Let’s take a look at the EUR/JPY’s tehnical analysis.

Time H1.

5-wave structure for the purchase is being formed.

We recomend to search for short position’s opening opportunities under the support treadline of the wave-structure in the entrypoint 128.83.

Take-profit is set at 128.04.

Profit target is around 80 points.

Stop loss is fixed at 129.52.

We recomend to start breakeven at the level of 128.15 .

It is worth to remind that we open orders only if the price reaches a target point and manages to set under the construction treadline of the bearish structure. If the price fails to be fixed and takes a turn, we will look for new short position’s opening opportunities for the short position opening with a target to sell up to 128.04.

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JPY strengthens despite lowering trust index

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