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EUR/JPY Forecast 19/11/2013

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EUR/JPY Chart 19/11/2013
Average: 5 (2 votes)

EUR/JPY looks strong for now, buying calls at 135.30-5

The EUR/JPY pair has benefitted from a general risk appetite sentiment today and has already tested major daily resistance level at 135.50. While it remains to be seen how the price action will evolve we maintain a bullish bias in the pair and are embarking on a strategy to buy dips.

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Data flow will be light

Should we see a development favoring the downside we could well revise our call but for now we are keen to buy hourly calls at 135.30-35, which was previous resistance, current support level on the hourly chart.

As you can see the EUR/JPY binary options forex pair is very strong today especially after the US market has opened. The weakest point was reached during Asian trading after the Japanese stock market opened. Levels around 134.60 were reached and market participants were quick to jump in and buy the pair there.

Data flow will be light, but position adjustment ahead of the all-important Bank of Japan meeting might be on the cards. For now we maintain our call to buy calls on an hourly basis if the price goes to 135.30-35. If the price breaks below 135.20 we will wait for a better time to trade.

Pay attention to the Japanese trade data at 23:50 GMT – it could provide fresh opportunities. Expectations are for a rise in exports by 16.5% and a more pronounced rise in imports by 19%. If the Trade Balance remains negative below 1 trln JPY players betting on a rise in the Japanese currency will be disappointed.

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