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EUR/JPY Technical Analysis – Key Support Squarely at 140

EUR/JPY Technical Analysis – Key Support Squarely at 140

2014-05-11 21:32:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 140.00 (50% Fib ret.), 139.11 (61.8% Fib ret.)
  • Resistance: 140.89 (38.2% Fib ret.), 141.27 (rising trend line)

The Euro dropped to a six-week low against the Japanese Yen after clearing support at a rising trend line set from mid-February. Sellers are now testing the 140.00 figure, a psychological barrier reinforced by the 50% Fibonacci retracement. A break downward on a daily closing basis exposes the 61.8% level at 139.11. Alternatively, a reversal above the 38.2% Fib at 140.89 clears the way for a retest of the trend line, now at 141.27.

Prices are too close to relevant support to justify a short position at current levels from a risk/reward perspective. We will stand aside for now, looking for a break downward or a corrective bounce to yield a selling opportunity.

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EUR/JPY Technical Analysis – Key Support Squarely at 140

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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