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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.

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