FxWirePro: EUR/JPY slips Below 121 Handle, All Targets Hit, Book Full Profits
9 June 2016, 10:57
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FxWirePro: EUR/JPY slips Below 121 Handle, All Targets Hit, Book Full Profits
- EUR/JPY has slipped below the 121 handle as bid tone around the Japanese currency increases.
- Risk-off sentiment prevailing across Asian and European equities boosting the safe-haven appeal of the yen.
- Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-edges-higher-from-session-lows-at-12133-intraday-bias-lower-good-to-sell-rallies-218858) achieved all targets.
- Downside finds major support at 120.70 (wedge base), further weakness only on break below.
- On the upside, the pair finds major resistance at 122 levels ahead of 21-DMA at 122.67.
Recommendation: Book full profits at lows. Initiate new shorts only below 120.70
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