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!