Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/JPY trades a narrow 20 pip range in the Asian session, double bottom at 122.45 offers strong support

  • EUR/JPY trades a narrow 20 pip range in the Asian session, made a high at 122.69 and low at 122.47.
     
  • The pair extending losses after Japan's hopes to obtain endorsement for interventions was crushed at G7 meet. 
     
  • Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-rejected-at-session-highs-by-12364-good-to-sell-rallies-211473) has hit targets 1&2.
     
  • Pair finds strong support  at 122.45 (Double bottom Feb 24th and 29th). Break below will see test of 122 levels.
     
  • On the upside break above 123 will see bearish invalidation, test of next resistance at 124 then likely.

Recommendation: Book partial profits, lower trailing stops to 123 levels, target 122 and then 121.50 on break below 122.45.
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.