23 Nov 2016

EUR/JPY TRADING AT MAJOR LEVELS

EUR/JPY DAILY

The rate is currently trading within some major resistance levels:

  • Old wedge support as the new resistance (the lower red line)
  • 2-year-long downtrend line resistance (the upper red line)
  • 4-month highs (the yellow rectangle)
  • Possible rising channel upper boundary (the upper black-dotted channel)
Although the Nikkei along with other yen pairs seems to be entering a bullish phase it's important to remember - the usual carry trade relationship doesn't work with the EUR/JPY as the European interest rates don't provide any carry and it actually pays off to short the EUR vs the yen.

I am currently flat on this pair as the next major move will most likely be dependent on other EUR and JPY crosses, however, the significant resistance levels we're currently at, would work for both - short and long trades.

A short here would go along with the overall bear trend and we could probably target the channel support around 115.00 but an upside break would carry a lot of momentum because of all the stops positioned just above these resistance levels.
 



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