Trader, analyst and instructor with a 6-year experience

EUR/JPY: hold short, target 137.79

The EURJPY has found resistance at the 200 EMA (green line), which is close to the 78.6 Fibo level. Now the pair has continued the bearish bias, so it is likely to fall to the support level of 137.49 in the coming hours. However, it is advisable to wait for the finished form EURJPY higher low pattern.

On the other hand, if the pair executes a bullish rebound on the support level of 137.97 (38.2 Fibo level), it is expected that the resistance rises to level of 138.49, where the EMA 500 ​​is located. By now, you should wait for a breakout EURJPY perform at that level, to think long put new orders on this pair.

Trading recommendations: Hold your current short positions until the support level of 137.79. Anyway, we don’t recommend to place new orders for today in the EURJPY.

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