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Trade idea: Sell EURJPY as Yen gains after BoJ meeting
Ian Coleman from First 4 Trading is looking to sell euro yen. The yen advanced after the Bank of Japan left monetary policy unchanged.
The central bank maintained its commitment to unprecedented monetary easing and reiterated its forecast that inflation will almost match its 2 percent target in the year starting April 2015.
On the technical side, Ian says the daily ABCD formation has
been completed. He adds there is trend support coming in between 134.45 – 37
and he is now looking for a mild correction higher to get short.
As a result, Ian is looking to sell between 134.80 – 85, to place a stop at 135.25 and his targets are 134.45 and 133.60.
Meanwhile, the dollar rallied against the euro and yen after the Federal Reserve said on Wednesday it will keep its stimulus for the economy in place.
This means the Fed will not begin cutting back its USD 85 billion per month asset purchases until next year.
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