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Euro Likely to Fall further versus Yen

Euro Likely to Fall further versus Yen

2014-05-29 16:00:00
David Rodriguez, Head of Product
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Euro Likely to Fall further versus Yen

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EURJPYRetail FX traders are extremely long the Euro versus the Japanese Yen and US Dollar as both the EURUSD and EURJPY trade near important price support levels.

Trade Implications – EURJPY: A contrarian view of crowd sentiment leaves us in favor of continued Euro losses versus the Yen. Yet as with our EURUSD forecast, we think that the risk of a short-term bounce warns against selling the EURJPY at these levels. Instead our Strategist is looking for a test of resistance for the next Euro trading opportunity.

See next currency section:EURUSD - Euro Trend has Turned, Looking to Sell Bounces

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Euro Likely to Fall further versus Yen

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

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