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Short-term Trading Idea FX EUR/JPY – Bull Speculation: Renewal on a Pinbar

Trading opportunities for currency pair: after a gap in the morning, a pinbar formed at 131.30. As part of a correction, a growth to 133.21 can be expected. This idea’s lifetime is just one short week and will become invalid if we see a closing of above 130.64.

What’s of interest at the moment?

At first sight, the EUR/JPY has a similar situation to that of the GBP/CAD. The EUR/JPY has seen a support at 131.50 form on it and the GBP/CAD has a 2.032 resistance. Between these two pairs there is no correlation, but they are moving a little bit in the same direction. It’s worth taking this into account because they could now move together.

After the terrorist attack that France underwent last week, on Monday the euro opened down against all pairs. If we see the rate return from 130.64 to 131.25, a pinbar will form on the four-hourly. The EUR/JPY could bounce to 133.21 on the pinbar. A growth above here is not something I’m looking at since the euro is under pressure from expectations regarding ECB monetary policy. This idea’s lifetime is just one short week and will become invalid if we see a closing of above 130.64.

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