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Forex: EUR/JPY Technical Analysis – Trying to Expose 140.00 Figure

Forex: EUR/JPY Technical Analysis – Trying to Expose 140.00 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 140.44-89 (Mar 14 low, 38.2% Fib ret.), 140.00 (50% Fib ret.)
  • Resistance: 142.00 (23.6% Fib ret.), 143.78 (Mar 7 high)

The Euro is testing support at the bottom of a range that has confined price action over the past two weeks having reversed lower as expected against the Japanese Yen. A break below the 140.44-89 area, marked by the March 14 low and the 38.2% Fibonacci retracement, exposes the 50% level at the 140.00 figure. Alternatively, a turn above the 23.6% Fibonacci retracementat 142.00 targets the March 7 high at 143.78.

Prices are too close to relevant near-term up- and downside technical barriers to make a trade at current levels attractive from a risk/reward perspective. We will continue to stand aside for now, waiting for a more attractive setup to present itself.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_eur-jpy_body_Picture_12.png, Forex: EUR/JPY Technical Analysis – Trying to Expose 140.00 Figure

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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