The quotations on the daily chart of the EUR/JPY pair look interesting. We are dealing with a growth channel and a positive pattern of dips and peaks. However, the recent upward momentum looks very weak and the price seems to be turning back towards the bottom edge and the key support zone of around 119.50. As for the fundamentals, it seems that Yen is gaining on the increase in global risk due to the lack of concrete details in US-China trade talks, despite still good announcements and willingness to sign an agreement.

XM offers traders minimum deposits from $5 and security through CySEC, ASIC and FCA licenses. Trade with a broker with 10 years of market tradition and more than 2.5 million clients worldwide

EURJPY Daily

However, time is running out and already in mid-December the USA may impose further duties. This should push the course for key support, where the next rebound could take place. Much will depend on the reports from the trade war , although in the short term it seems that the pair will head to mentioned support.

From Monday to Friday – Live trading at 13:00 (London time) chat, analyse and trade with me: https://www.xm.com/live-player/basic

In our Facebook group, which you can join anytime: https://www.facebook.com/groups/328412937935363/ you will find 5 simple strategies on which my trading is based. There, every day  we post fresh analyses of currency pairs and commodities

Leave us a comment!