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EUR/JPY Technical Analysis – Euro Slumps to 3-Month Low

EUR/JPY Technical Analysis – Euro Slumps to 3-Month Low

2014-05-18 21:21:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 138.95 (76.4% Fib exp.), 138.34 (100% Fib exp.)
  • Resistance: 139.33 (61.8% Fib exp.), 139.64 (50% Fib exp.)

The Euro continues to sink against the Japanese Yen, with prices sinking to the lowest level in three months. The pair is probing support at 138.95, the 76.4% Fibonacci expansion, with a daily close below that exposing the 100% level at 138.34. Near-term resistance is at 139.33, the 61.8% Fib, with a turn back above that clearing the way for a test of the 50% expansion at 139.64.

Risk/reward considerations argue against entering short with prices sitting squarely at relevant support. We will continue to stand aside for now, waiting for a more attractive setup to emerge.

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EUR/JPY Technical Analysis – Euro Slumps to 3-Month Low

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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