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Euro Short Trade Triggered Against the Japanese Yen

Euro Short Trade Triggered Against the Japanese Yen

Ilya Spivak, Head Strategist, APAC

Strategy: Short EURJPY at 127.84, Targeting 124.95

Prices 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. We will enter short, 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.

Forex_Strategy_Euro_Short_Trade_Triggered_Against_the_Japanese_Yen_body_Picture_5.png, Euro Short Trade Triggered Against the Japanese Yen

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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