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Lucas: EURJPY headed for a tailspin?

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Steve Lucas from 3c Analysis is looking to sell EURJPY as technical indicators signal a move lower for the currency pair. A Death Cross has appeared within the daily moving averages, with the 50 day average having crossed below the 100 day average and moving towards the 200 day average. This is a signal that the market is likely sell rallies, according to Steve. Cautious of volatility at the market open, he is looking to sell a rally at JPY 136.21 with a stop at JPY 136.72. If the market moves straight down, Steve is taking precautions to sell down through JPY 135.10 with a stop at JPY 135.55. His targets for this trade are JPY 135.10 and JPY 134.41.

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