Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
EUR/JPY Technical Analysis: Consolidating Above 127.00

EUR/JPY Technical Analysis: Consolidating Above 127.00

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 127.63, 126.08, 124.79
  • Resistance:128.58, 130.13, 131.38

The Euro is waiting for direction cues as prices tread water above the 127.00 figure against the Japanese Yen. Near-term resistance is at 128.58, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 130.13. Alternatively, turn below the 14.6% Fib at 127.63 opens the door for a challenge of the April 14 low at 126.08.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

Daily Chart - Created Using FXCM Marketscope

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES