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24 Feb 2015
EUR/JPY: Resetting core shorts - JPMorgan
FXStreet (Bali) - Thomas Anthonj, FX Strategist at JP Morgan, notes that last week's test of key-resistance at 136.67 (int. 38.2 %) was used add to their core short position.
Key Quotes
"For EUR/JPY, we used last week's test of key-resistance at 136.67 (int. 38.2 %) to add to our core short position (new average entry now at 135.13) after having taken partial at 130.70 end of January. That said and as long as 137.65 (pivot) is not taken out, we stick to our short strategy, looking for a re-test of 130.63/15 (int. 38.2 %/last low) and a potential extension to 121.94 (50 % on higher scale)."
Key Quotes
"For EUR/JPY, we used last week's test of key-resistance at 136.67 (int. 38.2 %) to add to our core short position (new average entry now at 135.13) after having taken partial at 130.70 end of January. That said and as long as 137.65 (pivot) is not taken out, we stick to our short strategy, looking for a re-test of 130.63/15 (int. 38.2 %/last low) and a potential extension to 121.94 (50 % on higher scale)."