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EUR/JPY Technical Analysis: Selloff Pauses Above 133.00

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Talking Points:

  • EUR/JPY Technical Strategy: Short at 135.25

  • Support: 133.54, 132.04, 129.17

  • Resistance:137.64, 139.95, 142.27

The Euro is digesting losses having declined as expected against the Japanese Yen after snapping the uptrend in play since early January. A daily close below the 133.54-81 area marked by 14.6% Fibonacci expansion and the January 20 low exposes the 23.6% level at 132.04. Alternatively, a reversal above the 136.25-137.64 zone (trend line support-turned-resistance, February 12 high, 38.2% Fib retracement) opens the door for a test of the 50% threshold at 139.95.

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We sold EURJPY at 135.25 and subsequently booked profits on half of the position. The remainder of the position remains open to capture any further downward momentum. The stop-loss has been trailed to the breakeven level (135.25).

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EUR/JPY Technical Analysis: Selloff Pauses Above 133.00
EUR/JPY Technical Analysis: Selloff Pauses Above 133.00

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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