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EUR/JPY Technical Analysis – Sellers Set to Overcome 139.00

EUR/JPY Technical Analysis – Sellers Set to Overcome 139.00

2014-05-20 20:59:00
Ilya Spivak, Head Strategist, APAC
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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 poised to issue the lowest close in nearly four months. A daily close below support at 138.95, the 76.4% Fibonacci expansion, clear the way for a test of the 100% level at 138.34. The first layer of resistance is at 139.33, the 61.8% Fib. A turn back above that opens the door for a challenge of the 50% expansion at 139.64.

Assuming the break materializes, the available trading range of 61 pips will be too narrow to justify entering short from a risk/reward perspective given an ATR reading of 85 pips (and given a strategy using a stop-loss triggered on a daily closing basis, as ours does). We will remain flat for now.

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EUR/JPY Technical Analysis – Sellers Set to Overcome 139.00

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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