FxWirePro: Short euro against yen at 114.2 and at breakout

The euro is in a relatively tough position, as the focus for the single currency has turned to the European Central Bank (ECB) and Brexit. It is widely expected that the European Central Bank (ECB) will be increasing its tenure of the bond purchase program, which currently expires in March next year. Brexit is also likely to weigh on the euro. The yen, on the other hand, is likely to benefit from the uncertainties surrounding the US election and Brexit. Recently, the High court of the United Kingdom ruled that the government will have to seek the approval of the parliament to trigger Article 50. So that adds to the uncertainty.

Trade idea:

Sell the euro against the yen at the current rate of 114.2 and at rallies with the target around 107 and stop loss around 116.