EURJPY Trade Idea (5th March 2020)

Currency Pair: EURJPY
Timeframe: H1
Date/Time of Signal: 5th March 2020 / 1545hrs (SGT)

Review:
International Monetary Fund (IMF) Managing Director Kristalina Georgieva said the global economic outlook has shifted to “more dire scenarios” as the coronavirus has spread undetected. And the Eurozone is likely to have been more adversely impacted by the spread of the coronavirus.

The spread of the coronavirus is still driving investors to safe haven currency such as YEN.

EURJPY has been on a downtrend and below the Resistance level of 121.10.

Following the trend, trade signaled to sell EURJPY (Entry: 119.48) with 3 Take Profit (TP) Targets (TP1: 119.28, TP2: 119.08, TP3: 118.88) and Stop Loss (SL) at 119.78.