EUR/JPY Technical Analysis: Profit Booked on Short Trade
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- EUR/JPY Technical Strategy: Flat
- Support: 130.13, 128.00, 126.85
- Resistance:131.79, 132.94, 134.37
The Euro looks poised to continue higher against the Japanese Yen after prices broke resistance capping the upside since early December 2014. A daily close above the 50% Fibonacci retracement at 131.79 exposes the 61.8% level at 132.94. Alternatively, reversal below the January 26 low at 130.13 opens the door for a test of the 38.2% Fib expansion at 128.00.
We entered short EURJPY at 135.25 and subsequently booked profits on half of the position. We will now exit the remainder of the position and move to the sidelines, waiting for a new opportunity to enter short once the upswing exhausts itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com