EUR/JPY fails to break 125.900 – Is it a good idea to short?
EUR/JPY is facing a solid resistance at 125.900. The trading level 125.900 also worked as a hurdle back on Feb 4. Watch out a trading plan...
Arslan Butt•Wednesday, February 20, 2019•1 min read
It’s been a good day so far with a couple of take profits in GBP/USD and EUR/GBP . For now, we are looking to take a position in EUR/JPY as the Japanese cross has formed a pretty nice trade setup.
Lately, the Bank of Japan Governor Haruhiko Kuroda announced that the central bank is set to ramp up stimulus if sharp increase in JPY hurt the economy. Japan is still looking to achieve its 2 percent inflation target.
- As you can see on the 4-hour chart, the EUR/JPY is facing a solid resistance at 125.900.
- The trading level 125.900 also worked as a hurdle back on February 4. This makes it a double top trading level.
- We got two candles including bearish engulfing and doji, and both are closed right below a strong resistance level of 125.900 making it even stronger.
EUR/JPY – Trade Idea
Consider selling below 125.900 with a stop loss above 126.250 with a take profit around 125.300.
Good luck!
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ABOUT THE AUTHOR
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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