EUR/JPY is looking like a potential trade opportunity this week. Here are some possible scenarios:
Bullish Scenario:
– Buy EUR/JPY if it breaks above 178.80, targeting 180.15 and 183.90.
– Stop-loss below 175.67.
Bearish Scenario:
– Sell EUR/JPY if it breaks below 175.67, targeting 169.69 and 165.00.
– Stop-loss above 178.80.
Key levels to watch:
– Support: 175.67, 169.69, 165.00
– Resistance: 178.80, 180.15, 183.90
The pair is influenced by factors like:
– ECB and BOJ Policy Decisions: Interest rates and economic data
– US Economic Data: GDP, inflation, and employment data
– Global Economic Indicators: Trade tensions and geopolitical events
Some traders are expecting a bullish move, citing a strong uptrend and potential for further gains. Others are looking for a bearish correction, pointing to overbought conditions and potential reversal patterns
