If the current decline in stock markets continues, the JPY will enjoy increased demand as a safe-haven currency. Major bourses have slid into negative territory this morning as the Coronavirus continues to claim lives with the death toll now at over 900 people. With the spread of the virus, we also see a spread of risk aversion with investors turning to safe-havens.
EUR/JPY seems vulnerable and our already open Short could also come back to life. We would also like to use our original entry prices here as we sold at 119.85 with SL at 121.70 and TP at 117.50. Especially when looking at the weekly chart, momentum to the downside is clearly visible as we had a confirmation of last week’s candle here.
