Daily Trading Analysis 08.03.2023

Technical & Fundamental analysis

Trading Analysis of EUR/JPY The EUR/JPY pair has faced barricades around 145.00 after a recovery move in the Tokyo session. It looks like the cross has retreated on expectations that Bank of Japan (BoJ) Governor Haruhiko Kuroda could tweak the Yields Curve Control (YCC) on Japanese Government Bonds (JGBs), in his last monetary policy announcement.  Our Analysis: While the price is above 143.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 145.00 Take Profit 1: 145.60 Take Profit 2: 147.00 Alternative scenario: If the level 143.00 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 143.00 Take profit 1: 141.50 Take Profit 2: 140.00 Learn More Trading Analysis of GBP/JPY In a case where the GBP/JPY remains firmer past 164.00, February’s high of near 166.00 could act as the last defense of the pair bears, a break of which could quickly propel the prices towards late 2022 peak surrounding 169.30 before highlighting the 170.00 round figure.  Our Analysis: As long as the price is above 162.00 follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 162.70 Take profit 1: 165.00 Take Profit 2: 169.00 Alternative scenario: If the level of 162.00 is broken-down, follow the recommendations below:  Time frame: D1 Recommendation: short position Entry point: 162.00 Take profit 1: 159.00 Take profit 2: 157.00 Learn More Fundamental Trading Analysis of Bitcoin So, are we getting ready for the return of cryptocurrencies? If you are positive about blockchain-based tokens in general, consider buying the "progenitor" of cryptocurrencies, bitcoin. Our Analysis: As long as the price is above 21300.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 21955.00 Take Profit 1: 27000.00 Take Profit 2: 30000.00 Alternative scenario: If the level of 21300.00 is broken-down, follow the recommendations below:          Time frame: D1 Recommendation: short position Entry point: 21300.00 Take Profit 1: 18300.00 Take Profit 2: 15600.00 Learn More Risk Warning: Forex and CFD trading carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with CFD trading before deciding to trade. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.

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