Trade of the Day – EURJPY – Moving lower within the corrective channel

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EURJPY – Intraday – We look to Sell at 124.75 (stop at 125.15)

Trades at the lowest level in 20 days. Trading within a Bearish Channel formation. Trend line support is located at 123.21. We have a 50% Fibonacci pullback level of 123.16 from 118.82 to 127.50. There is no clear indication that the downward move is coming to an end. Further downside is expected and we prefer to set shorts in early trade.

Our profit targets will be 123.25 and 123.00

Resistance: 124.75 / 125.38 / 126.00
Support: 123.78 / 123.21 / 123.00

 

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