EUR/JPY – Japanese Final GPD Ahead! - Forex News by FX Leaders

EUR/JPY – Japanese Final GPD Ahead!

Posted Thursday, December 7, 2017 by
Arslan Butt • 1 min read

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

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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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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