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

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

2014-04-03 22:07:00
Ilya Spivak, Head Strategist, APAC
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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.

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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.

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