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EUR/JPY Technical Analysis: Short Trade Setup Established

EUR/JPY Technical Analysis: Short Trade Setup Established

2015-02-24 02:04:00
Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Pending Short at 135.25
  • Support: 134.97, 133.81, 132.04
  • Resistance:135.50, 137.64, 139.95

The Euro appears to have resumed its decline against the Japanese Yen as expected having overturned rising trend support set from late January. A daily close below the 14.6% Fibonacci expansion at 133.81 exposes the 23.6% level at 132.04. Alternatively, a reversal above trend line support-turned-resistance at 135.50 opens the door for a test of the 136.68-137.64 area marked by the February 12 high and the 38.2% Fib retracement.

Prices are too close to support to justify entering short from a risk/reward perspective and we will set a pending order to sell the pair at 135.25. If triggered, the trade will initially target 133.8 and carry a stop-loss to be activated on a daily close above 136.68.

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EUR/JPY Technical Analysis: Short Trade Setup Established

Daily Chart - Created Using FXCM Marketscope

--- 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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