EUR/JPY: Short-Term Sell (Update)
EUR/JPY, 4-Hour Chart Analysis
Although our recommendation earlier on this week hit our stop-loss level, the conditions for the trade continue to provide a good opportunity for a trade. Those traders who are still holding their positions are encouraged to do so, as a correction towards the 120 level is likely in the coming days. New positions might also be initiated at the current levels. The MACD indicator shows a bearish trend and the 124.50 level provides a good stop-loss chance. The rising short-term trend is clearly broken and a break below 123 would confirm the correction. Further support levels are found near 121.20 and between the 119 and the 119.30 levels.