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Forex: EUR/JPY Technical Analysis – Support Breach Attempted Again

Forex: EUR/JPY Technical Analysis – Support Breach Attempted Again

2014-03-03 04:30:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 139.88 (14.6% Fib exp.), 139.03 (23.6% Fib exp.)
  • Resistance: 141.26 (Feb 21 high)

The Euro is edging lower against Japanese Yen once again, with prices testing below support at 139.88 marked by the 14.6% Fibonacci expansion. A daily close below this barrier initially exposes the 23.6% Fib at 139.03. Near-term resistance is at 141.26, the February 21 high. Negative RSI divergence continues to bolster the case for a downside scenario.

Confirmation of a breakdown is absent for the time being, arguing against a short position. Needless to say, defined upward reversal cues are likewise not present. On balance, we will remain on the sidelines for now until something more actionable emerges in the chart setup.

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dailyclassics_eur-jpy_body_Picture_12.png, Forex: EUR/JPY Technical Analysis – Support Breach Attempted Again

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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