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EUR/JPY Technical Analysis – Cautiously Drifting to Resistance

EUR/JPY Technical Analysis – Cautiously Drifting to Resistance

2014-04-22 23:15:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 140.68 (rising trend line)
  • Resistance: 141.75 (38.2% Fib exp.), 142.56 (falling trend line)

The Euro is inching higher against the Japanese Yen having completed a bullish Piercing Line candlestick pattern at rising trend line support from mid-February. Follow-through has been lackluster however, raising doubts about the bulls’ conviction going forward. Breaking above initial resistance at 141.75, the 38.2% Fibonacci expansion, on a daily closing basis exposes a downward-sloping trend line resistance at 142.56. Trend line support is now at 140.68.

Prices are too close to relevant resistance to justify a long position from a risk/reward perspective. We will remain flat for the time being, waiting for a more attractive setup to present itself.

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EUR/JPY Technical Analysis – Cautiously Drifting to Resistance

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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