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Forex: EUR/JPY Technical Analysis – Euro Aims to Extend Gains

Forex: EUR/JPY Technical Analysis – Euro Aims to Extend Gains

2014-02-07 04:31:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 138.45 (23.6% Fib ret.), 136.22 (Feb 4 low)
  • Resistance: 137.88-138.45 (channel bottom, 23.6% Fib ret.), 139.83 (38.2% Fib ret.)

The Euro rose as expected against the Japanese Yen after showing a bullish Piercing Line candlestick pattern. A close above the 23.6% Fibonacci retracement at 138.45 has exposed the 38.2% level at 139.83 as the next upside barrier. Alternatively, a reversal back below 138.45 aims for the February 4 low at 136.22.

Current positioning allows for a long position on from a risk/reward perspective but tactically, looming event risk warns against taking directional bets. The Yen remains highly sensitive to churn in risk appetite trends, making the currency’s crosses vulnerable to sharp volatility as the upcoming US Employment report crosses the wires. With that in mind, we will opt to play it safe and stand aside.

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dailyclassics_eur-jpy_body_Picture_11.png, Forex: EUR/JPY Technical Analysis – Euro Aims to Extend Gains

Daily Chart - Created Using FXCM Marketscope 2.0

--- 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.

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