Blake Morrow’s Chart of The Day – Forecast EUR JPY
EURJPY
Just like the EURUSD is toying with the 1.1700 level, the EURJPY is toying with key support at the 128.00 level. The reason why this is such a MAJOR support level is this is the 13 year re-test of the broken trend line (2008 – present). The pair broke this trend line back in April of this year, and now we are back testing it once again. Also, the EURJPY is at the 50% retracement of the Oct 2020 lows to May 2021 highs. If the EURUSD breaks the 1.1700 level and EURJPY 128.00, there is a big risk that the EUR sees some strong downside pressure in the weeks ahead. All eyes turn to the FOMC tomorrow which could make/break these two pairs.
Blake Morrow
20210921
