EUR/JPY is up 70 pips today but Citi thinks it’s time to fade the pair.
“We are going short EURJPY at 142.55 with a minimum target of 137.85-138.20 and a possible extension towards the 200-day MA at 132.54,” analysts at Citi said.
If they liked it at 142.55, they’ll like it even better at the current level of 143.40. Their stop loss is at 144.30.
The trade is a technical one as they note:
- A potential double top form
-
A shorter term double top complete
-
A very clear evening star formation complete
- A small bounce back today holding good ST resistance
h/t @priapusIQ
This article was originally published by Forexlive.com. Read the original article here.