FBS: Trading recommendations for EUR / JPY
Tatiana Norkina, FBS analyst
Currency pair moves in decreasing destination as it was expected. Another attempt of the bulls to reverse the trend remained not supported by long-term players: 137.80 level resisted again but inspired bears to new sales. As a result, support for 137.00 was broken and the rate of the currency pair gradually moves up to one of the objectives of the downward trend - 136.60.
Bollinger Bands expands supporting lowering of the moving average, which indicates the strengthening of bearish sentiment in the market. Oscillators are also directed down.
Therefore, only short positions are more likely to be relevant
Technical levels: Support - 136.30, 136.60; resistance - 137.00.
1. Sell — 137.00; SL — 138.20; TP1 — 136.60; TP2 — 136.30.