FXWW News/JPY crosses/Technical Analysis/Trade Ideas

EUR/JPY: Maintaining preference towards selling rallies

Prices have stalled yet again just above 129.50 (see chart) and this pair is struggling to maintain momentum in either direction. I’m still in the sell-rally camp here but only looking for 150/200 pip swings. Prices have been struggling to hold above 129.50 but the market is trying to re-impose the bearish Yen play, so I think we may get a break higher in coming sessions to test Fibo resistance at 130.45/50.

I’m looking to sell a failure there, with a tight-ish stop, looking for pullback from there towards 128.50/129.00.

  1. Hi Sean,

    I am still holding my long position on EURJPY at 129.90. It was highly under pressure by breaking my stop loss at 125.00 (I delete the stop loss and re-entered) down to 124.70 before the pair to be resumed to move to upward direction and currently at 129.30 for 60 PIPs floating lost.

    The pair was heavily pressured by EURUSD that revisiting the level of 1.3000 near the current lowest quarterly band 1.2800. Should EURUSD to be resumed to move to upward to follow the EURUSD global macro trend then EURJPY will raise sharply to break the level of 138.00 and to move all the way up to 165.00 at more consistent performance.

    Any idea and suggestion?

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