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Forex: EUR/JPY Technical Analysis – Opting to Pass on Long Trade

Forex: EUR/JPY Technical Analysis – Opting to Pass on Long Trade

2014-02-12 05:17:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 139.83 (38.2% Fib ret.), 138.45 (23.6% Fib ret.)
  • Resistance: 140.95 (50% Fib ret.), 142.07 (61.8% Fib ret.)

The Euro began to rise against the Japanese Yen as expected having formed a bullish Piercing Line candlestick pattern. A break above 139.83, the 38.2% Fibonacci retracement has exposed the 50% level at 140.95, with a further push beyond that eyeing the 61.8% Fib at 142.07. Alternatively, a turn back below 139.83 targets the 23.6% retracement at 138.245.

Assuming a risk/reward ratio of no less than 1:1, a long position triggered no lower than 140.39 with an initial target of 140.95 and a stop on a close below 139.83 would be acceptable. Our fundamental outlook warns against being long the Euro however and we will opt to pass on this opportunity.

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dailyclassics_eur-jpy_body_Picture_12.png, Forex: EUR/JPY Technical Analysis – Opting to Pass on Long Trade

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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