Potential Medium Gains on the EUR/JPY

18 Nis 2023

The EUR/JPY's recent bullish run has fallen a little out of steam over the last two trading sessions. However, if the current support of 146.93 can hold there might be a potential for a long trade in the medium term, this is despite the EU CPI which is due tomorrow which is expected to decline to 6.9%. With the USD struggling to find a firm footing and the EUR/USD trying to push to 1.10 level there is a chance that the EUR/JPY could follow. One word of caution though, the initial support does need to hold and I am a little concerned how steep the trend line on the daily is. 1st potential target 147.80, 2nd potential target 148.37( OCT 2022 High). All trade safe.