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Short

EUR/JPY bears relentless, 125.50 next likely target

FX:EURJPY   Euro Fx/Japanese Yen
195 2 5
EUR/JPY             down around 300-pips in two days, techs indicate further downside for the pair.

The major has been trading a falling channel and tests of 125.50 levels likely on charts.

The following support further downside:
- A bearish crossover of MACD line over signal line
- RSI is at 34 with room for further downside
- Stochs point south

Supports on the downside are seen at 126.16 (Jan 21st lows) and then 126.09 (Apr 14th 2015 lows) and then 125.25 (channel base).

Immediate resistance on the upside is seen at 128 (session highs), 128.41 (Jan 15 highs) and then at 128.56 (Jan 19th highs)

We have advised shorts at 131 levels (link below), hold trade for TP:125.50, lower trailing stop to 128

Even new shorts are good at these levels, enter upticks around 127.30/40, SL: 128.40, TP: 126.20/125.50
MosesSin
11 months ago
Could it be neutral or turnaround now after JPY shooting up high to 112
Reply
johan.verm
11 months ago
Nice analyse...
Reply
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