Shorting EURJPY on More Euro Weakness and Yen Strength
I'm short EURUSD, and seeing weakness on other Euro pairs -- namely EURJPY. At the same time, a reversal candlestick has formed on virtually all yen pairs that suggests the yen may be due for a rally on the daily chart.
Here we see EURJPY in a downtrend, with price pulling back to the 50% Fibonacci retracement level of the recent leg down that coincides with a resistance level re-established in May. We also see a doji candlestick right at this level.
In light of these factors, I'm short EURJPY at 138.65, with a stop at 139.05 and a target profit at 137.15.
Here we see EURJPY in a downtrend, with price pulling back to the 50% Fibonacci retracement level of the recent leg down that coincides with a resistance level re-established in May. We also see a doji candlestick right at this level.
In light of these factors, I'm short EURJPY at 138.65, with a stop at 139.05 and a target profit at 137.15.