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EUR/JPY Technical Analysis: Making Progress on Short Trade

EUR/JPY Technical Analysis: Making Progress on Short Trade

2014-08-28 22:37:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Short at 137.12
  • Support: 136.09-22, 135.23, 134.91
  • Resistance:137.39, 138.02, 138.35

The Euro declined against the Japanese Yen as expected following the appearance of a Bearish Engulfing candlestick pattern. Near-term support is in the 136.09-22 area, marked by the 23.6%Fibonacci expansion and the February 4 low, with a break below that on a daily closing basis exposing a falling channel floor at 135.23. Alternatively, a reversal above rising trend line support-turned-resistance set from early August at 137.39 clears the way for a test of the August 1 high at 138.00.

We entered short EURJPY at 137.12, initially targeting 136.22. A stop-loss will be triggered on a daily close above 138.02. We will take profit on half of the position and move to stop-loss breakeven once the first objective is reached.

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EUR/JPY Technical Analysis: Making Progress on Short Trade

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

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