• Euro strengthened despite ECB looking into rate cut
  • EUR/JPY (H4) testing key handle of 125
  • Ascending Triangle setup

In the released monetary policy minutes, the European Central Bank highlighted that further reduction in policy rates is one of the tools for providing additional monetary policy easing if necessary. Despite that, euro seems to be reacting positively to this news.

In the EUR/JPY (H4) chart, we can see an ascending triangle being formed. At the moment, price is challenging to break above the key handle of 125. Our MACD indicators are also beginning to indicate an upward momentum. If price were to move beyond 125.20, we may be seeing a strong upward move.

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By Gim Hong Lee

Gim Hong has been a full-time currency trader for more than 2.5 years, focusing on day and swing trading of major currencies and their crosses. He is a frequent contributor of currency and economic analysis in Forex Trading Asia. Graduated from Columbia University in the City of New York with a bachelor’s degree in applied mathematics and statistics, the nerdy side of Gim Hong enjoys learning about data analysis, machine learning and their applications in currency trading.

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