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EUR/JPY Technical Analysis – Narrow Range Breaks Down

EUR/JPY Technical Analysis – Narrow Range Breaks Down

2014-05-08 22:40:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 140.17 (38.2% Fib exp.), 139.05 (50% Fib exp.)
  • Resistance: 141.25 (rising trend line), 142.06 (falling trend line)

The Euro finally broke out of long-standing congestion against the Japanese Yen, sinking to the lowest level in three weeks. Near-term support lines up at 140.17, the 38.2% Fibonacci expansion. A break below this barrier on a daily closing basis initially exposes the 50% level at 139.05. Rising trend line support-turned-resistance is now at 141.25. This is followed by a falling trend line barrier at 142.06.

Prices are too close to relevant support to justify a short position at current levels from a risk/reward perspective. We will opt to remain on the sidelines for the time being until a more actionable entry opportunity presents itself.

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EUR/JPY Technical Analysis – Narrow Range Breaks Down

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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