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Forex: EUR/JPY Technical Analysis – Readying to Turn Lower?

By , Currency Strategist
10 March 2014 19:41 GMT

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 142.63 (76.4% Fib exp.), 141.89 (61.8% Fib exp.)
  • Resistance: 143.82 (100% Fib exp.), 145.01 (123.6% Fib exp.)

The Euro may be trying to carve out a top against the Japanese Yen, with prices showing a bearish Dark Cloud Cover candlestick below resistance at 143.82 marked by the 100% Fibonacci expansion. Near-term support is at 142.63, the 76.4% level, with a break below that targeting the 61.8% Fib at 141.89. Alternatively, a reversal above resistance aims for the 123.6% expansion at 145.01.

Confirmation of reversal is absent for the time being and prices are too close to relevant up- and down-side technical barriers to justify a trade from a risk/reward perspective. With that in mind, we will continue to stand aside until something more actionable presents itself.

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dailyclassics_eur-jpy_body_Picture_12.png, Forex: EUR/JPY Technical Analysis – Readying to Turn Lower?

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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10 March 2014 19:41 GMT