informedtrades
Short

Shorting EURJPY on More Euro Weakness and Yen Strength

FX:EURJPY   Euro Fx/Japanese Yen
40 0 0
I'm short EURUSD             , and seeing weakness on other Euro             pairs -- namely EURJPY             . At the same time, a reversal candlestick has formed on virtually all yen pairs that suggests the yen may be due for a rally on the daily chart .

Here we see EURJPY             in a downtrend, with price pulling back to the 50% Fibonacci retracement level of the recent leg down that coincides with a resistance level re-established in May. We also see a doji candlestick right at this level.

In light of these factors, I'm short EURJPY             at 138.65, with a stop at 139.05 and a target profit at 137.15.
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