⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

EUR/JPY Bearish Setup- Is It Good time to Short?

Posted Tuesday, August 27, 2019 by
Arslan Butt • 1 min read

What’s up, traders.

It’s been a quiet day followed by a massively volatile day as most traders have already priced in G7 and the Jackson Hole event. The Asian and European session have been a bit muted due to a lack of fundamentals, but we may experience some movement during the US session. Looking at the broader picture, while below the 55-day SMA at 120.53 and the multi-month resistance line at 120.77, the bearish view is expected to remain unchanged.

EUR/JPY – Technical Outlook

EUR/JPY tumbles to fresh 2019 lows in the 116.50 regions just to rebound afterward and return to levels above the 117.00 handle.

On the 4 hour timeframe, EUR/JPY is facing strong resistance around 117.800 area.

The resistance is extended by 20 and 50 periods EMA which is pushing the pair lower, offering us a nice sell opportunity.

Secondly, the bearish trendline which is testing the EUR/JPY spike around 118.800 has also pushed the EUR/JPY pair lower, signaling chances of a bearish reversal.

EUR/JPY- Technical Levels
Support Resistance
117.1 117.97
116.75 118.48
115.89 119.35
Key Trading Level: 117.62

EUR/JPY – Forex Trading Signal

Fellas, we are already in a sell trade below 117.360 with a stop loss above 117.650 and take profit of around 116.800.

Good luck!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments