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EUR/JPY Technical Analysis: Euro Short Trade Now in Play

EUR/JPY Technical Analysis: Euro Short Trade Now in Play

2015-02-24 23:38:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Short at 135.25
  • Support: 133.81, 132.04, 129.17
  • Resistance:135.67, 137.64, 139.95

The Euro may have resumed its down trend against the Japanese Yen as expected having cleared trend line support in play since late January. Near-term support is at 133.81, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 132.04. Alternatively, a move above trend line support-turned-resistance at 135.67 clears the way for a challenge of the 136.68-137.64 area marked by the February 12 high and the 38.2% Fib retracement.

Our pending order to sell EURJPY at 135.25 has been triggered and we are now short, initially targeting 133.81. A stop-loss will be activated on a daily close above 136.68.We will book half of the position and move the stop-loss to the breakeven level once the first objective is reached.

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EUR/JPY Technical Analysis: Euro Short Trade Now in Play

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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