Pennant on EUR/JPY

Pennant on EUR/JPY

Since the beginning of this week, there has been a correction of the EUR/JPY quotes. The trading instrument has the potential to further reduce. At the moment, a classic figure of the technical analysis, Pennant, was formed, which quite often acts as a continuation of the current trend. The nearest support is at 132.500. We recommend you to pay attention to this situation.

If the price fixes below the mark of 132.500, you need to look for entry points to the market to open short positions. The immediate goal for profit taking is the round level of 132.000. In the medium term, the EUR/JPY currency pair may reach 131.250. When following a position, one should use a trailing stop.

by JustForex, 2017.09.28

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This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.