The cross currency pair EUR/JPY is under the radar of investors due to its safe-haven status, uncertainty in the dollar and upcoming economic event from the Japan. The technical side of the pair is suggesting a setup to trade.
EURJPY – Downward Channel & 32.8% Fibo Level
On the 4 – hour chart, I just drew a downward channel which is extending a solid resistance to the pair at 133. Meantime, the leading indicator Stochastic has come out of the oversold zone as it’s holding at 45.
EURJPY – 4 – Hour Chart
Therefore, I applied a Fibonacci indicator. The pair has already completed 23.6% retracement at 132.760 and made its way towards 32.8% level at 133. Follow these support and resistance levels.
Support Resistance
132.06 133.01
131.68 133.58
131.11 133.96
Key Trading Level: 132.63
EURJPY – Trading Plan
I’m placing a sell limit at 133.150 with a stop above 133.450 and take profit at 132.650. Folks, we need to keep eyes on Japanese GDP figure at 23:50 (GMT). Good luck!
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