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Forex: EUR/JPY Technical Analysis – Euro in Consolidation Mode

Forex: EUR/JPY Technical Analysis – Euro in Consolidation Mode

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 140.73-141.13 (horizontal pivot, trend line, 38.2% Fib ret.), 140.00 (50% Fib ret.)
  • Resistance: 142.00 (23.6% Fib ret.), 143.78 (Mar 7 high)

The Euro Pound is stalling at rising trend line support set from early February (141.13) after falling as expected against the Japanese Yen. This barrier is reinforced by a horizontal pivot at 140.73 and the 38.2% Fibonacci retracement at 140.89. A break below this region initially exposes the 50% Fibonacci retracement squarely at the 140.00 figure. Alternatively, a move above resistance at 142.00 – the 23.6% Fibonacci retracement, targets the March 7 high at 143.78.

Prices are too close to relevant support to justify a short position from a risk/reward perspective. On the other hand, entering long looks premature absent a defined bullish reversal signal. We will continue to stand aside for now, waiting for a more attractive setup to present itself.

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dailyclassics_eur-jpy_body_Picture_12.png, Forex: EUR/JPY Technical Analysis – Euro in Consolidation Mode

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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