EURJPY: Further Weakness Likely While Below 118.00

by Justin Bennett  · 

April 13, 2020

by Justin Bennett  · 

April 13, 2020

by Justin Bennett  · 

April 13, 2020

I’ve spoken about a bearish EURJPY scenario since April 3rd.

I also wrote about how the bearish scenario was intact while EURJPY was below 118.50 on April 8th.

That 118.50 area is the bottom of an ascending channel from the year-to-date low.

I’ve been short the EURJPY since the March 27th open.

I mentioned this short to Daily Price Action members over a week ago.

But if you missed the short from higher prices, there’s little reason to think you missed out altogether.

I still think EURJPY has the potential to reach the 112.00 area.

The intermediate downtrend combined with the recent breakdown of a multi-year trend line point to lower prices.

EURJPY monthly chart

However, as I wrote last week, it’s going to take a daily close below the 116.00 region to open the door to 112.00.

As long as the EURJPY is trading above 116.00 on a daily closing basis, those initiating new shorts have to be careful.

I think at this point, it’s best to wait for a confirmed break below 116.00 before shorting the EURJPY.

That’s where I will be adding to my short for the third time since March 27th.

Alternatively, keep an eye on 118.00 as that area should attract sellers going forward.

Want to watch the EURJPY video I just released in the member’s area?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in April!

EURJPY key levels on the daily time frame

Continue Learning


Leave a Reply

Your email address will not be published. Required fields are marked *

  1. Thank you Justin for Daily Price Action. Its a really helpful way to trade the forex market. Much love from Nigeria

  2. May simple analysis on EURUSD showed two complicating scenario, Bullish and Bearish at the same time.What’s your opinion on this?,sir.

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}