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Forex: EUR/JPY Technical Analysis – Upside Reversal in the Works?

Forex: EUR/JPY Technical Analysis – Upside Reversal in the Works?

2014-02-03 03:42:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 137.19 (Flag bottom, 61.8% Fib exp.), 136.23 (76.4% Fib exp.)
  • Resistance: 137.97 (50% Fib exp.), 138.74 (38.2% Fib exp.)

The Euro is attempting to find support having dropped to a two-month low against the Japanese Yen last week. As with GBP/JPY, prices maybe in the process of carving out a Flag chart pattern. The setup is typically indicative of trend continuation, which carries bullish implications in this case, but confirmation is required on a daily close above the formation’s upper boundary (now at 140.04) to make for an actionable setup.

For now, the mere testing of support does not offer clear-cut directional cues in and itself and we are holding on the sidelines until a workable trade opportunity presents itself.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_eur-jpy_body_Picture_12.png, Forex: EUR/JPY Technical Analysis – Upside Reversal in the Works?

Daily Chart - Created Using FXCM Marketscope 2.0

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

Contact and follow Ilya on Twitter: @IlyaSpivak

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