The currency pair didn't closed below it's 200 moving average since April 2017. If the price break through and remain below this key support, maybe the time for short position has come.
Fundamental analysis of JPY remain positive. Until the indexes and stocks remain under pressure, the investors will look for alternative source of investments. Risk on sentiment is not attractive among the market participants and safe haven instruments like JPY, GOLD, CHF will receive support.
On the other hand, ECB again disappointed the market. Despite the bold plans of the bank to remove QE and start rate hike cycle, we do not see any actions from them. This discourages the investors, which may lead to EUR depreciation.
Trader Bozhidar Arabadzhiev
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