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Euro and Japanese Yen are two currencies where their respective central banks are most dovish in the world. Economists and market participants both the banks to ease policy further.
Euro area in spite of its ongoing weakness, showing greater potential for faster recovery compared to Japan.
On the other hand, with current ongoing global economic turmoil, especially around China and emerging markets might push Yen into heavy appreciation against all currencies, thanks to its safe haven status.
Due to similar monetary policies, the pair's move would depend more on relative dovish or hawkish bias.
As of now, we expect bank of Japan to be more dovish going ahead, in its bid to recover Japan's economy and push back again emerging deflationary threat.
Trade idea -
- Buy Euro against Yen at current price (136.3), with target around 146 and stop around 132.
- That's a nice 2:5 risk reward ratio.
- Resistance lies around 139 and 141.5 area, whereas interim support lies around 134.5 and 133.5 area.
