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Trading Thoughts For The Week: EUR/JPY IN Focus

Published 06/03/2014, 01:43 AM
Updated 07/09/2023, 06:31 AM

This week will focus on the ECB in my opinion, and the trading could be a bit on the “blah” side until that meeting on Thursday. The announcement will be parsed by traders around the world, as there are a lot of concerns about whether or not the ECB will do something impressive enough to bring down the value of the euro. I think the ECB will disappoint, and that the EUR will continue to climb once the dust has settled. However, I also see on the charts that many of the traders around the world feel the same way – potentially. With this, I am looking to match the EUR with the one currency that we know the central bank is going to try and weaken – the yen. With two hammers in a row at 139 on the weekly time frame, the EUR/JPY suddenly looks like it could be the play.

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