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EUR/JPY Technical Analysis: Short Trade Remains in Play

EUR/JPY Technical Analysis: Short Trade Remains in Play

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Euro corrected higher to retest the boundaries of its three-month down trend against the Japanese Yen. The outer layer of near-term resistance is at 130.63, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 131.79. Alternatively, a reversal below the 23.6% Fib at 129.20 clears the way for a challenge of the 14.6% retracement at 128.32.

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, though we may exit on a close above the trend line. 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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