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Forex: EUR/JPY Technical Analysis – Support Above 139.00 at Risk

Forex: EUR/JPY Technical Analysis – Support Above 139.00 at Risk

2014-03-04 00:54:00
Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 139.03 (23.6% Fib exp.), 137.65 (38.2% Fib exp.)
  • Resistance: 138.88 (14.6% Fib exp.), 141.26 (Feb 21 high)

The Euro has turned lower against Japanese Yen as expected, with prices testing below support at 139.88 marked by the 14.6% Fibonacci expansion to challenge the 23.6% level at 139.03. A break below the latter barrier exposes the 38.2% Fib at 137.65. Alternatively, a reversal back above 139.88 eyes the February 21 high at 141.26.

Confirmation of a breakdown requires a daily close below support. Furthermore, prices are too close to the 23.6% Fib to justify entering short on risk/reward grounds. Needless to say, defined upward reversal cues are absent. On balance, we will remain on the sidelines for now until something more actionable presents itself.

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dailyclassics_eur-jpy_body_Picture_11.png, Forex: EUR/JPY Technical Analysis – Support Above 139.00 at Risk

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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