EUR/JPY is on shaky ground

EUR/JPY is on shaky ground

2019-11-11 • Updated

Trade idea

SELL 117.30; TP 115.50; SL 117.70

The euro is fundamentally weak: the recent economic figures from the euro area were quite disappointing. Such weakness has prevented EUR/JPY from getting back above 120.10 (61.8% Fibo retracement of the 2016-2018 advance). The pair formed two doji candlesticks on W1. Although there is a chance that the euro will keep consolidating above the support at 117.50 and make yet another go at 120.00, the break below this support will trigger a bigger selloff. The downside target will be at 115.35 (78.6% Fibo).

EURJPY.png

 

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