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EUR/JPY Technical Analysis – Passing on Long Trade Setup

EUR/JPY Technical Analysis – Passing on Long Trade Setup

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 140.40 (rising trend line)
  • Resistance: 141.75 (38.2% Fib exp.), 142.81 (falling trend line)

The Euro may be on the verge of a reversal higher against the Japanese Yen after prices put in a bullish Piercing Line candlestick pattern above a rising trend line set from February. Near-term resistance is at 141.75, the 38.2% Fibonacci expansion, with a break above that targeting a downward-sloping barrier at 142.81. Trend line support is now at 140.40.

While risk/reward considerations allow for a long position at current levels, we will tactically opt to stand aside. Prices continue to show a significant correlation with the S&P 500 and the benchmark equity index looks vulnerable to deeper losses, warning that EURJPY may be pulled down amid broader risk aversion. With that in mind, we will stand aside.

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dailyclassics_eur-jpy_body_Picture_12.png, EUR/JPY Technical Analysis – Passing on Long Trade Setup

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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