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: Making Good on Bearish Setup

EUR/JPY Technical Analysis: Making Good on Bearish Setup

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

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 137.02, 135.89, 134.98
  • Resistance:137.72, 139.22, 141.04

The Euro declined against the Japanese Yen as expected after prices put in a bearish Evening Star candlestick pattern. Near-term support is at 137.02, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 135.89. Alternatively, a move above the 14.6% expansion at 137.72 clears the way for a test of the 138.85-139.22 area (August 12 high, 76.4% Fib retracement).

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!

--- 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