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EUR/JPY Technical Analysis – Support Above 139.00 Tested

EUR/JPY Technical Analysis – Support Above 139.00 Tested

2014-05-15 22:52:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 139.11 (61.8% Fib ret.), 138.01 (76.4% Fib ret.)
  • Resistance: 140.00 (50% Fib ret.), 140.89 (38.2% Fib ret.)

The Euro dropped to a three-month low against the Japanese Yen after clearing support at the 140.00 figure. Sellers are testing the 61.8% Fibonacci retracement at 139.11, with a break below that aiming for the 76.4% level at 138.01. Alternatively, a turn back above the 50% Fib at 140.00 aims for the 38.2% retracement at 140.89.

Prices are too close to support to justify a short position from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal warns against taking up the long side. With that in mind, we remain flat for now.

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EUR/JPY Technical Analysis – Support Above 139.00 Tested

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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