News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/Dq7umm2uyz
  • RT @FxWestwater: $NZDUSD Struggles as RBNZ Hike Bets Dim. Australian Retail Sales, Chinese Data Near Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/27/NZDUSD-Struggles-as-RBNZ-Hike-Bets-Dim-Australian-Retail-Sales-Chinese-Data-Near.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https:/…
  • Heads Up:🇯🇵 BoJ Monetary Policy Meeting Minutes due at 23:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-27
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/bDBOkVQlOO
  • Senate GOP blocks bill combining debt ceiling with government funding - BBG
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/DuVdXjufw9
  • Japan says North Korea may have launched ballistic missile Kyodo via BBG
  • Senate GOP has votes to block debt limit, government funding bill - BBG
  • While Bitcoin is really buried into that support at the moment, Ethereum has been more range-bound of recent and as of this writing, price is not quite close to range support. Get your market update from @JStanleyFX here:https://t.co/zKcph0iMG2 https://t.co/36l0wHfbPx
  • 🇰🇷 Consumer Confidence (SEP) Actual: 103.8 Previous: 102.5 https://www.dailyfx.com/economic-calendar#2021-09-27
Forex: EUR/JPY Technical Analysis – Rejected at Key Trend Line

Forex: EUR/JPY Technical Analysis – Rejected at Key Trend Line

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 142.00 (23.6% Fib ret.), 140.89 (38.2% Fib ret.)
  • Resistance: 143.03 (trend line), 143.46 (Apr 2 high)

The Euro turned lower against the Japanese Yen as expected after prices put in a Shooting Star candlestick pattern below resistance at a falling trend line set from late December. Near-term support is at 142.00, the 23.6% Fibonacci retracement, with a break below that targeting the 38.2% level at 140.89. Trend line resistance is now at 143.03, followed by the April 2 high at 143.46.

A 20-day ATR reading of 107 pips implies a short position targeting 142.00 requires an entry price no lower than 143.08 to satisfy a 1:1 risk/reward ratio and a stop-loss activated on a daily closing basis (as is the case with our strategy). That sits above trend line resistance, skewing positioning against taking a position. As such, we will remain on the sidelines for now.

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 – Rejected at Key Trend Line

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.

DISCLOSURES