News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/JPY Technical Analysis – Inching Closer to 138.00 Mark

EUR/JPY Technical Analysis – Inching Closer to 138.00 Mark

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 138.34 (100% Fib exp.), 137.73 (123.6% Fib exp.)
  • Resistance: 138.95 (76.4% Fib exp.), 139.33 (61.8% Fib exp.)

The Euro has touched the lowest level in nearly four months against the Japanese Yen, coming within a hair of the 138.00 figure. Near-term support is at 138.34, the 100%Fibonacci expansion. A break below this barrier on a daily closing basis exposes the 123.6% level at 137.73. Alternatively, a reversal above the 76.4% Fib at 138.95 opens the door for a challenge of the 61.8% expansion at 139.33.

The available trading range is too narrow to justify taking up the long or short side from a risk/reward perspective (given a strategy using a stop-loss triggered on a daily closing basis, as ours does). We will remain flat for now.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

EUR/JPY Technical Analysis – Inching Closer to 138.00 Mark

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.

DISCLOSURES