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Talking Points:
- EUR/JPY Technical Strategy: Short at 137.12
- Support: 136.09, 134.91, 133.96
- Resistance:138.02, 138.80, 139.75
The Euro fell against Japanese Yen as expected, with prices now attempting to work their way below the 136.00 figure. A daily close below the 136.09-22 area marked by the February 4 low and the 23.6% Fibonacci expansion exposes the intersection of a falling channel floor and the 38.2% level at 134.91. Alternatively, a reversal above 138.02 (August 1 high, channel top) opens the door for a challenge of the 38.2% Fibonacci retracement at 138.80.
We entered short EURJPY at 137.12 and have since booked profit on half of the position. The rest remains open to capture any further downside momentum with a stop-loss at the breakeven level (137.12).
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
