Trading EUR/JPY Short Term
Watch the 60 day average, Elliott channel support, and former pivots at 11704 and 11598 as February comes to a close and March begins. A final plunge into 11600-11700 may offer us the opportunity to go long. Near term, the EURJPY may be forming a triangle before the drop into mentioned levels. Trading wise, shorts are favored below 12135 with a 11800 target. Exceeding 12135 would warrant a neutral stance until 12225/55-at which point shorts would be favored again.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail email@example.com. Follow me on Twitter for real time updates @JamieSaettele
Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox.
Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.