Forex Marketz Daily Forex News – Fully Markets Update
EUR/JPY (135.284)
- Resistance Levels: 135.85, 137.65, 139.95
- Support Levels: 133.80, 132.05, 129.18
- Trade Strategy: Short Entered at 135.26, Target 133.80
Not much to update from yesterday, except I have help onto my short trade despite the consolidations seen on the below daily MT 4 Chart.
Technically speaking the euro is falling versus the yen. Support is at our first target at 133.80. A daily close below this level will challenge 132.05. Should the EUR/JPY move higher, hence a recovery in the euro, then resistance is at 135.85. A break above this level will challenge the technical resistance at 137.65. This is at the end of a congestion area ranging from 136.67.
Our trade strategy is the same. I am patient and so should you be. Our short EUR sale was activated at 135.26. I have an initial target of 133.80 with a stop loss in place at 136.67. Once I book half profit, first objective, I will move the stop loss to breakeven once I hit the first support level that is initial target.
