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EUR/JPY Technical Analysis: First Target Hit on Short Trade

EUR/JPY Technical Analysis: First Target Hit on Short Trade

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Euro turned lower as expected against the Japanese Yen, with prices now seemingly poised to make a move toward the 132.00 figure. Near-term support is at 132.04, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 129.17. Alternatively, a move above the 14.6% Fib at 133.81 clears the way for a challenge of the 136.06-68 area trend line support-turned-resistance and the February 11 high.

We entered short EURJPY at 135.25. The trade has now met its initial targeting 133.81 and we have taken profit on half of the position. The rest of the trade remains open to capture any further downside. The stop-loss has been adjusted to the breakeven level (135.25).

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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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