EUR/JPY Technical Analysis: Short Trade Remains in Play
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- EUR/JPY Technical Strategy: Short at 135.25
- Support: 133.54, 132.04, 129.17
- Resistance:137.64, 139.95, 142.27
The Euro continues to consolidate losses above the 133.00 figure against the Japanese Yen having resumed trending lower as expected. Near-term support is in the 133.54-81 area, marked by 14.6% Fibonacci expansion and the January 20 low, with a break below that exposing the 23.6% level at 132.04. Alternatively, a turn above the 136.68-137.64 zone (trend line, February 12 high, 38.2% Fib retracement) clears the way for a challenge of the 50% threshold at 139.95.
We entered short EURJPY at 135.25 and subsequently booked profits 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