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FxWirePro: Euro reaches target at 130 against yen; target extended to 142

Back in July last year, in an article named, “FxWirePro: Yen may retrace to 130 per euro”, available at http://www.econotimes.com/FxWirePro-Yen-may-retrace-to-130-per-euro-235397, we suggested that yen may retrace to as low as 130 per euro from the then current rate of 116 per euro. However, at that time we had expected Bank of Japan (BoJ) to be more dovish and that to drive the pair. While BoJ has maintained its dovish stance, it is the diminishing political risk premium in Europe after the win of Emmanuel Macron in the French election and the change instance of the European Central Bank, have driven this pair to 130 per euro.

The yen is currently trading at 130.4 per euro, which is the weakest level since January 2016 and we expect the bullish trend for the pair to continue with occasional correction. We expect the yen to reach as low as 142 per euro going ahead.

Fresh long positions might be entered but for that stop loss could be too large around 122. There could a correction in the near term. Readers are better advised to enter at correction.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

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