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Forex: EUR/JPY Technical Analysis – Sellers Struggle with Momentum

Forex: EUR/JPY Technical Analysis – Sellers Struggle with Momentum

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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 is struggling to establish downside follow-through against the Japanese Yen after prices put in a bearish Dark Cloud Cover candlestick below resistance at 143.82, the 100% Fibonacci expansion. A daily close below support at 142.63, the 76.4% Fib, initially exposes the 61.8% level at 141.89. Alternatively, an upward reversal above 143.82 aims for the 123.6% expansion at 145.01.

Risk/reward considerations continue to argue against taking a short position with prices trading in close proximity to relevant support. On the other hand, a long position taken on the assumption that support will hold seems premature without a defined reversal signal. We will continue to stand aside for now.

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dailyclassics_eur-jpy_body_Picture_12.png, Forex: EUR/JPY Technical Analysis – Sellers Struggle with Momentum

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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