An Update On EURJPY – 61.8% Retracement - Forex News by FX Leaders

An Update On EURJPY – 61.8% Retracement

Posted Tuesday, September 26, 2017 by
Arslan Butt • 1 min read

During the early European session, we opened a forex trading signal on EURJPY. The pair seems to dive in the opposite direction due to increased demand for haven assets driven from North Korea and the U.S. tensions. Yup, the Japanese Yen trades with a status of haven assets and gains over uncertainties.

Technical Overview – EURJPY

The Euro is falling dramatically not only against the Dollar but also against the Japanese Yen. At the time I'm writing this, the EUR/JPY kicked us at the stop.

EURJPY - 61.8% Fibonacci Retracement EURJPY – 61.8% Fibonacci Retracement ?

Anyhow, technically the EURJPY is likely to gain some support at the $131.750. The leading indicators are massively oversold, and the cross pair has completed 61.8% retracement at $132.06. Now, it's supposed to continue trading upward.

GBPJPY – Trading Plan

The idea is to stay in buying above $131.750 and $131.450 with a stop loss below $131.250 and a target of $132.250 and $132.75. Good luck and keep following for more updates!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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