EUR/JPY downside pauses at 61.8% Fib, momentum bearish
EUR/JPY is retreating from last week’s tops just above 128.00, and downside for now is taking a breather at 61.8% Fib at 124.41.
After breaching strong trendline support at 125.26, the pair saw downside test 124.37 before edging higher to trade at 124.45 levels.
Momentum studies continue to show further downside, breaks below 24.25 (Mar 7th lows) will accentuate downside. Scope then for test of 78.6% Fib at 123.37.
We are short in the pair (link below). All previous targets achieved. Recommend booking partial profits, lower stops to 125, target 124.25/124/123.85
After breaching strong trendline support at 125.26, the pair saw downside test 124.37 before edging higher to trade at 124.45 levels.
Momentum studies continue to show further downside, breaks below 24.25 (Mar 7th lows) will accentuate downside. Scope then for test of 78.6% Fib at 123.37.
We are short in the pair (link below). All previous targets achieved. Recommend booking partial profits, lower stops to 125, target 124.25/124/123.85
Trade active:
All targets hit. EUR/JPY breaks below 78.6% Fib at 123.38, targets 122.
Momentum studies continue to show further downside.
Recommend booking partial profits, lower stops to 124, target 122.45/122
Momentum studies continue to show further downside.
Recommend booking partial profits, lower stops to 124, target 122.45/122
Trade closed: target reached:
Downside limited, see strong trendline support at 122.72.
Book full profits, exit trade.
Book full profits, exit trade.
