FxWirePro: Eur/jpy Trades a Narrow 20 Pip Range in the Asian Session, Double Bottom at 122.45 Offers Strong Support

FxWirePro: Eur/jpy Trades a Narrow 20 Pip Range in the Asian Session, Double Bottom at 122.45 Offers Strong Support

24 May 2016, 07:47
Roberto Jacobs
0
20

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. 

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