EURJPY is likely to be mostly trendless. Yesterday I had predicted that the Yen would weaken against the Euro as a result of news early in yesterday’s trading day. However, with the IP data released and numbers worse than expected, there is little to provide any sort of trend to this cross.
Profit opportunities do exist however if you are willing to place a fair number of trades with very small (5 to 10 pips) profit targets.
Scalping will likely be the word of the day for this cross.
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