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Trader Journals:::2024-11-21T06:17:49

EUR/JPY

General Points of EURJPY: I believe today the EURJPY market will remain in favor of the sellers. The pair is currently trading around the 163.50 level, showing signs of downward momentum. This week, the ongoing G-20 meetings have not provided much support for the Euro, and the ECB President's speech failed to generate any positive movement for the currency. Despite the lack of favorable news for the Euro, the market is experiencing a stronger push from the Japanese yen, which has been gaining strength. The BOJ Governor's speech has had a more significant impact, benefiting the sellers and giving the yen a positive boost. Hence, the EURJPY pair seems to be facing resistance at the 163.50 level. With the ECB’s speech failing to create any bullish momentum for the Euro, combined with the influence of the BOJ Governor’s speech, the market is now more inclined toward a bearish outlook. As the market remains pressured by these fundamental factors, it seems highly likely that EURJPY will continue to move downward.

EUR/JPY

Generally, tomorrow’s release of the French and German Flash Manufacturing Index data will play a crucial role in determining the market’s direction. These reports provide insights into the economic health of the Eurozone. A weaker-than-expected performance in these reports could further support the bearish trend for EURJPY. Negative data could lead to a loss of confidence in the Euro, prompting further selling pressure and a drop below key support levels. Virtually, I expect the EURJPY market to continue its downward movement throughout the day. If the pair breaks below the current level of 163.50 and continues to show weakness, we could see a significant decline toward the next support level. As the week progresses and key economic data is released, the market sentiment for EURJPY will likely remain in favor of the sellers, making it a crucial time to focus on short positions.
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