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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
Euro May Extend Drop After Hitting 4-Month Low vs. Yen

Euro May Extend Drop After Hitting 4-Month Low vs. Yen

Ilya Spivak,

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

Talking Points:

  • EUR/JPY Strategy: Short at 118.10
  • Euro drops to four-month low vs. Yen as selloff gains momentum
  • Break of chart support hints sellers now aiming at 117.00 figure

The Euro has dropped to the lowest level in over four months against the Japanese Yen, with a break of chart support now seemingly exposing the 117.00 figure. A corrective bounce reversed at trend resistance set from mid-December has now been entirely erased.

Near-term support is now at 117.03, the 100% Fibonacci expansion, with a break below that opening the door for a test of the 123.6% level at 115.65. Alternatively, a move back above the 76.4% Fib at 118.42 sees the next upside barrier at 119.27, the 61.8% expansion.

Final profit was booked on a short position triggered at 122.65 as prices bottomed above 118.00 in late February. Re-entering the trade now looks compelling and another short has been initiated at 118.10. The trade initially targets 117.03. A stop-loss will be activated on a daily close 118.42.

Why is EURJPY a top trading idea for 2017? See the fundamental strategy here.

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