EUR/JPY—Sellers Eying the Key Support at ¥127 and Lower

EUR/JPY (127.422)

• Resistance Levels: 128, 129.40, 131.05
• Support Levels: 127, 126.86, 124.28
• Trade Strategy: Stand Aside

The euro is sliding against its yen counterpart as sellers are now looking to challenge the key ¥127 pivot and lower. Note the below daily MT 4 chart. We have a Shooting Star candlestick and then move lower.

A break below ¥127 challenges the technical support at 126.86. Should the EUR/JPY move higher, then note the technical resistance at ¥128. This is a key resistance pivot. A daily close above this level challenges the technical resistance at 129.40 and higher.

Right now, price action is too narrow to note a discernable trading pattern. My strategy is to stand aside, for now, monitoring the charts for a more actionable long or short EUR trade.