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EURJPY: Weekly forecast

Safe Heaven Appeal!

Apparently, yen have been found “safe heaven” grounds amid escalating tension between the United States and Iran.

particularly Iran said he would retaliate “sooner than expected”

Notably yesterday Iran has hit missile to green zone of Iraq where Us forces remained in the concern premises.

Subsequently, President Trump has also made “threatening statements” through his Twitter account.

Resultantly a word of war has already been in full swing.

The peculiar situation is being provoked after the killing of Iranian General Qasim Sulamani by US airstrike via drone on Friday.

Therefore, we expect the loud noise of Yen safe heaven appeal among currencies.

Need to corner the market!

In this fragile and volatile condition, we need to corner the market by having strong footage of Technical Analysis domination.

As you can see in the above chart(Daily timeframe) snapshot, this pair stuck up strong support which previously turned as solid resistance that is 120.106.

If this 120.106 level break which’s more probable to bow down; this pair seems to be rolled over.

Price in the Radar!

Before making any downward trade, you have to think this trend line as it is a buffer zone and provide you insulation, therefore, it is very imperative to look into this trend line thus breaking of this trend line could presume the upward trend line

Need to break out!

Look at the below chart for a safer selling zone we aim to break out this very very important upward trend line thus you may devise the selling might be kicked in from 120.85 (exactly where the market closed on Friday) or the 121.83.

Stop out for sellers!

In order for saving your precious capital, it is advisable to exit out if the below said levels (in the chart) break out occurred


The target for Sellers!

As far as Target Area/zone is concerned the immediate target might be around 119 &117 area for the week under consideration as highlighted in the chart below.

Summary for Sellers!

As per the chart narrated above, we have in view of selling this market below. 122.27 with the stop loss of 123.50 for most probable targets of 119&117 zone.

Alternative Scenario!

If we see the break of 123.50 zones exclusively, we’ll look at the target for buying around, 127&129 zone as highlighted in the chart below.

Caution!

Due to the highly volatile geopolitical scenario, it is advisable to keep tightening stops out.

in order for saving yourself from any abrupt flush out.

Have a happy weekday ahead and safe trading!