EUR/JPY is just above support

EUR/JPY is just above support

2019-11-11 • Updated

Trade idea

SELL 117.40; TP1 117.10; TP2 116.60; SL 117.55

The safe-haven appeal of the Japanese yen looks quite strong these days. EUR/JPY remains within the general downtrend (senior timeframes still have all indications of the bearish dynamics) and looks like it’s ready for another swing lower. On H4, there’s distinctive support at 117.45. A decline below it will open the way to 117.10 and 116.60. The 50-period MA is about to get below the 200-period one forming a bearish “dead cross”. Resistance is at 118.15 and 118.65. 



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