Good morning team,
Fresh week! This morning we are looking to long against the JPY which is considered a safe-haven currency. Risk assets took a strong bounce towards the end of last week and the technicals are suggesting a continuation to the upside for indices. This suggests a weaker JPY due to investors rotating out of the safe-haven assets and back into higher risked/performing assets. We are looking to take a position on the French index later this evening also.
EURJPY 4 Hour Chart
Trade Setup: Buy market execution, current price 136.54, stop loss 135.21 and take profit target 139.14.
Stop loss: 133 pips
Take profit: 260 pips
The AUDJPY and other JPY cross pairs have already broken out to the upside indicating a change into a bullish trend.