Dear Clients,
Tradeo ceased offering trading services last year in May. Trading and ancillary will not recommence, and the brand/platform will be permanently discontinued.

For the clients with remaining balances, kindly send a withdrawal request through your login or via chat or email. If there are any queries or concerns relating to your account or any other matter, please email us at [email protected]


10 August 2020

EUR/JPY Price Analysis: Monthly support line probes sellers below 125.00

EUR/JPY remains on the back foot for the second consecutive day as it takes rounds to the intraday low of 124.67, currently around 124.73, while heading into the European session on Monday.

During the last week, the pair failed to extend its north-run beyond the late-April 2019. The pullback activated on Friday gains support from bearish MACD to suggest further downside.

Even so, the quote needs to break an ascending trend line from July 10, at 124.70 now, to revisit July 29 top near 124.30.

Not only the late-July top but July 24 trough near 122.85 and 200-bar SMA level of 122.60 can also lure the sellers past-124.70.

Alternatively, 125.20 and the monthly top near 125.60 could entertain the intraday buyers during the pair’s fresh pullback moves. Though, any more upside past-125.60 will easily break 126.00 to challenge April 2019 top near 126.80.

USD/JPY: Free fall to 105.00 on sluggish US recovery

The dollar is likely to remain weak until the US economy resumes stronger recovery. Resistance at 106.00 capped the USD/JPY rally after better than expected US payrolls provide respite for the greenback on Friday and remains strong, FXStreet’s analyst Joseph Trevisani reports.

Key quotes

“Markets will now have to decide if the July payrolls were the confirmation of a deepening slowdown, a normal deceleration from June’s torrid hiring pace or a one-month reflection of the already retiring Covid-19 surge in June and early July.”

“If US statistics point to a resumption of the pace in May and June then the dollar will soon adopt that energy and rally. Absent that improvement the greenback will continue to sag even though the recovery in Japan is likely to be even weaker and more questionable”.

“Resistance at 106 is the immediate consideration. If that holds there is limited support to 105.00 and little beneath. The area above 106, especially above 106.50 occupied trading for four months and is replete with resistance and then support lines.”

EUR/USD: Daily recommendations on major

EUR/USD – 1.1791

Despite the single currency’s rise to a fresh 2-year peak at 1.1915 last Thursday, subsequent selloff to 1.1756 on usd’s broad-based strength in post-NFP trading on Friday suggests MT upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1722, however, support at 1.1697 should remain intact, yield rebound later this week.

On the upside, only above 1.1850 would indicate aforesaid pullback has ended instead and risk gain to 1.1890/00, then 1.1915 later.

Risk disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.9% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

The Company gives no representation, warranty or guarantee as to the accuracy, correctness or completeness of this information. The information contained in this market review should not be construed in any way, as containing investment advice and/or a suggestion and/or solicitation for any trading activity and financial transaction.

Past performance does not constitute a reliable indicator of future results. Future forecasts do not constitute a reliable indicator of future performance.