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Lambert: How to short EURJPY
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Clive Lambert from FuturesTechs is expecting the euro’s weakness to continue as he sets shorts for the EURJPY this morning.
Previously the euro had gained strength against the yen, edging up 0.1 percent yesterday. Weakness across the board for the currency however could set in as the yen moves into a position of strength. The Bank of Japan’s two-day policy meeting ends on Friday morning, where the BoJ is expected maintain its current monetary policy and report stronger than previously estimated international growth. This information could aid the yen in gaining some support against the euro.
Clive is looking to short the currency pair around current resistance levels between JPY 138.35 – JPY 138.50. A stop can be placed around the 200 day moving average, which is JPY 138.75. His target for the trade over the next few days is set at JPY 136.23. This is also the currency pair’s February’s low.
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