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EUR/JPY Technical Analysis: Short Trade Targets Below 132.00

EUR/JPY Technical Analysis: Short Trade Targets Below 132.00

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Talking Points:

  • EUR/JPY Technical Strategy: Short at 133.11
  • Euro Aims to Extend Losses After Breaking Critical Support Level
  • Short Position Triggered, Targeting Below 132.00 Figure vs. Yen

The Euro is poised to continue lower against the Japanese Yen after prices broke support limiting the downside since early May. The single currency now looks poised to continue pushing downward below the 132.00 figure.

Near-term support lines up at 131.24, the 100% Fibonacci expansion. A daily close below this barrier exposes the 123.6% level at 129.41. Alternatively, a reversal back above support-turned-resistance in the 133.07-42 area marked by the 76.4% Fib and the May 25 close opens the door for a test of the 61.8% expansion at 134.20.

Positioning looks attractive to sell the pair from the technical and risk/reward perspectives and we will now enter short, initially targeting 131.24. A stop-loss will be activated on a daily close above 133.42. We will book profit on half of the position and move the stop-loss to the breakeven level once the first objective is reached.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.