EUR/JPY trade idea
Analysts at MUFG reccomend selling EUR/JPY in the week ahead with a target of 123.00 and a stop at 127.30.
“We are recommending a short EUR/JPY trade idea to take advantage of the euro’s downward momentum in the near-term,” they write.
“We still see scope for the EUR sell off to extend further in the near-term. Seasonal factors are also in play. January tends to be one of the worst months of the calendar year for the EUR and often follows strong performance in December,” MUFG writes.