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Forex Strategy: Short EUR/JPY Below Trend Line Resistance

Forex Strategy: Short EUR/JPY Below Trend Line Resistance

Ilya Spivak, Head Strategist, APAC

EURJPY put in a bearish Evening Star candlestick pattern below falling trend line resistance set from late May (129.48), hinting a move lower is ahead. From a fundamental perspective, I am looking for the post-FOMC selloff to evolve into broader risk aversion and begin to broadly weigh on Yen-funded carry trades.

I have now entered short at 127.84, initially targeting the April 16 low at 124.95. A stop-loss will be activated on a daily close above 129.89, the June 20 high.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.