WEEKLY EURJPY - This week's technical analysis & trade strategy
A sequence of 2 up days ended last week. Demand failed below 120.00 and attracted selling interest at marginally lower levels. Trading was subdued. Despite creating 4 down days from the last 5, net movement was minimal with all price action caught within the previous week's range. This ‘Inside’ week highlights investor uncertainty but a close near the lows and a modest break below the 13 day mvg avg places the technical focus on the downside. So this week’s call is a Sell from Monday 7am but leaving room to also Sell at 119.39, Friday’s high. The risk is 120.64, the 100 day mvg avg, with downside objectives at 117.87, the open from 2 weeks ago, 117.45, a 62% correction of Sept’s rise, or even towards a projected 116.26.
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