Blake Morrow’s Chart of The Day – Forecast EUR JPY
Forecast EUR JPY
The difference between being bullish or bearish the EURJPY technically is at the 131.00 level. Not only is this the flag pattern but also the breakout point and many previous resistance and support levels back through 2021. Also, this is the 50% retracement of the last leg higher taking us through the 200dma. As we approach NFP the EURJPY pivot will probably go in the direction of “risk flows.” Meaning, if stocks continue to new all time highs tomorrow following the US jobs report, the 131.00 could prove a great level for longs. This is the bottom of the Bull Flag pattern setup as well. A move lower in stocks following the jobs report could see a move through the 200dma and 61.8% Fibonacci retracement at 130.35. Good luck with the NFP!
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