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Forex: EUR/JPY Technical Analysis – Familiar Range Top in Play

Forex: EUR/JPY Technical Analysis – Familiar Range Top in Play

2014-03-06 00:20:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 139.97 (23.6% Fib exp.), 139.24 (horizontal pivot)
  • Resistance: 140.71 (38.2% Fib exp.), 141.30 (50% Fib exp.)

The Euro recoiled upward into a familiar range, erasing what at first appeared like a breakout against the Japanese Yen two days ago. Prices are now challenging the 38.2% Fibonacci expansion at 140.71, with a break above that exposing the 50% level at 141.30. Alternatively, a turn back below the 23.6% Fib at 139.97 opens the door for another test of horizontal shelf support at 139.24.

Prices are too close to relevant resistance to justify a long position on risk/reward grounds. On the other hand, a short trade assuming resistance will hold is premature absent a defined reversal signal. We will continue to stand aside for now.

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dailyclassics_eur-jpy_body_Picture_11.png, Forex: EUR/JPY Technical Analysis – Familiar Range Top in Play

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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