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Top Trade Idea 2020: Long EUR/JPY – Chart Suggests a Bullish Set-up in the Making

Top Trade Idea 2020: Long EUR/JPY – Chart Suggests a Bullish Set-up in the Making

Nick Cawley, Strategist

My forex-pair to watch for a longer-term set-up in 2020 is long EUR/JPY with the charts currently suggesting that the heavy sell-off initiated at the start of 2018 is finally breaking down.

While the Japanese Yen continues to benefit from its risk-off status as the US-China trade war rumbles on, it is likely that a resolution - or even part-resolution - to this will be found early 2020 with neither side benefitting from trade tariffs, whatever they say. This will weaken JPY.

EUR/JPY Weekly Price Chart (February 2017 – 11, December 2019) (Chart 1)

EURJPY Weekly Price Chart

On the left-hand side of the pair, the Euro is now in the hands of a new ECB President, Christine Lagarde, who has already let it be known that fiscal policy should start replacing the current loose monetary policy.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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