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EUR/JPY Technical Analysis – Inching Closer to 138.00 Mark

EUR/JPY Technical Analysis – Inching Closer to 138.00 Mark

2014-05-21 21:43:00
Ilya Spivak, Head Strategist, APAC
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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.

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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.

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