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EUR/JPY Technical Analysis: Short Held Amid Consolidation

EUR/JPY Technical Analysis: Short Held Amid Consolidation

Ilya Spivak, Head Strategist, APAC

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Talking Points:

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 135.86 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.

We sold EURJPY at 135.25, initially targeting 133.81. A stop-loss will be triggered on a daily close above 136.68.We will take profit on half of the trade and move the stop-loss to breakeven once the first objective is reached.

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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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