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
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
EUR/JPY Topping Pattern?

EUR/JPY Topping Pattern?

Kristian Kerr, Sr. Currency Strategist


Talking Points

  • EUR/JPY meandering below the 200-day moving average
  • Potential H&S pattern shaping up on the daily chart

Unfamiliar with Gann Square Root Relationships? Learn more about them HERE.

One of the more interesting charts at the moment is that of EUR/JPY. After finding support earlier this month at the 50% retracement of the April – June advance around 133.50 the cross has drifted about in a sideways to higher range below the 200-day moving average. This has set up a fairly clear potential head & shoulders topping pattern on the daily chart. Any weakness under the recent lows around 133.50 would confirm the negative technical pattern at work in the exchange rate and set the stage for a more important run lower in the weeks ahead. It would take strength back over this month’s spike high and the 61.8% retracement of the June – July decline around 138.00 to invalidate the potential topping pattern and signal a resumption of the medium-term uptrend in the cross.

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

EUR/JPY Daily Chart: July 24, 2015

Charts Created using Marketscope – Prepared by Kristian Kerr


Resistance: 136.95 (200-day MA), 138.05 (Fibonacci)

Support: 135.15 (Fibonacci) 133.50 (Fibonacci)

Strategy: Sell EUR/JPY

Entry: Sell EUR/JPY on a daily close below 133.50

Stop: Daily close above 134.50

Target: Open

--- Written by Kristian Kerr, Senior Currency Strategist for

To contact Kristian, e-mail Follow me on Twitter at@KKerrFX.

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