Forex: EUR/JPY Technical Analysis – Readying to Turn Lower?
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- EUR/JPY Technical Strategy: Flat
- Support: 142.63 (76.4% Fib exp.), 141.89 (61.8% Fib exp.)
- Resistance: 143.82 (100% Fib exp.), 145.01 (123.6% Fib exp.)
The Euro may be trying to carve out a top against the Japanese Yen, with prices showing a bearish Dark Cloud Cover candlestick below resistance at 143.82 marked by the 100% Fibonacci expansion. Near-term support is at 142.63, the 76.4% level, with a break below that targeting the 61.8% Fib at 141.89. Alternatively, a reversal above resistance aims for the 123.6% expansion at 145.01.
Confirmation of reversal is absent for the time being and prices are too close to relevant up- and down-side technical barriers to justify a trade from a risk/reward perspective. With that in mind, we will continue to stand aside until something more actionable presents itself.
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.