EURJPY approaching good daily support line

April 15, 2014 by Nanakiver3

EURJPY approaching recent lows on the around the 140.00 area.  These lows coincide with a good support trendline on the daily chart which has held a few times.

Key area that the market needs to break through to see some proper downside is 139.70 and with the downward pressure on the EUR overnight, if this continues during the European session, we could see EURJPY try and break the line and move lower

First target would be around 139.15, followed by a larger target at 138.75, which if breached we could see a move down to 135-136 area.

Keep an eye on the Ukraine developments as well, as an escalation could lead to JPY strength and this could force a move through.



Until the line is cleanly broken and 139.75 breached, i would not really look to enter any longer term short positions