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Forex: EUR/JPY Technical Analysis – Is a Euro Rebound Ahead?

Forex: EUR/JPY Technical Analysis – Is a Euro Rebound Ahead?

2014-03-17 21:37:00
Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 140.79 (trend line)
  • Resistance: 142.22 (23.6% Fib exp.), 143.32 (38.2% Fib exp.)

The Euro turned lower against the Japanese Yen as expected. Prices may be readying to turn higher anew however, with the pair carving out a Bullish Engulfing candlestick pattern above support at a rising trend line set from early February. Initial resistance is marked by the 23.6% Fibonacci expansion at 142.22, with a break above that exposing the 38.2% level at 143.32. Trend line support is now at 140.79.

Risk/reward considerations argue against entering a long position at this point with prices trading too close to relevant resistance. We will continue to stand aside for now until a more attractive trade setup presents itself.

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dailyclassics_eur-jpy_body_Picture_12.png, Forex: EUR/JPY Technical Analysis – Is a Euro Rebound Ahead?

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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