The EURJPY currency pair is a Forex trading pair that represents the exchange rate between the Euro (EUR) and the Japanese Yen (JPY). In this pair, the base currency is the Euro, and the quote currency is the Japanese Yen. This means that the exchange rate tells you how much Japanese Yen you need to buy one Euro.
For example, if the EURJPY exchange rate is 130, it means that 1 Euro can be exchanged for 130 Japanese Yen. If the exchange rate rises to 135, it means that the Euro has strengthened against the Japanese Yen, and 1 Euro can now be exchanged for 135 Japanese Yen.
Traders and investors in the Forex market use currency pairs like EURJPY to speculate on the future movements of exchange rates. They may buy the pair (go long) if they believe the Euro will strengthen against the Yen or sell the pair (go short) if they anticipate the Euro weakening against the Yen.
Like all currency pairs, the EURJPY exchange rate is influenced by a variety of factors, including economic data, central bank policies, geopolitical events, and market sentiment. Traders analyze these factors to make informed trading decisions in the foreign exchange market.
- Selling pressure from 142.33 resulted in all the initial daily gains being overturned.
- The current move lower is expected to continue.
- With the Ichimoku cloud support below we expect dips to be limited.
- The hourly chart technicals suggests further downside before the uptrend returns.
- We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
Recommendations: Buy/Buy Limit @ 140.800 TP/Target: 142.800
Analysis Type: Intraday
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