EUR/JPY—Taking a Time out above ¥133, Short Trade in Play

EUR/JPY (133.621)

• Resistance Levels: 137.65, 139.94, 142.28
• Support Levels: 133.55, 132.05, 129.18
• Trade Strategy: Short Sale at 135.26, target 133.80, stop loss @ break even.

The EUR/USD has fallen as expected after breaking the euro up move since January. See the below daily MT 4 chart.

We need to close below the congestion area that ranges from 133.80 to 133.55 to target the next technical support at 132.05. This level is also the January 20 low. A move above the congestion area that ranges from 136.67 to 137.65 will challenge the technical resistance at 139.94.

I triggered a short GBP trade at 135.26 and have booked fifty percent of my position. I have since moved the stop loss to breakeven and will leave the trade open to book more profits to the downside.