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
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
EUR/JPY Technical Analysis – Stalling Above 138.00 Figure

EUR/JPY Technical Analysis – Stalling Above 138.00 Figure

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: 138.13 (May 21 low), 138.00
  • Resistance: 139.16 (23.6% Fib ret.), 139.79 (38.2% Fib exp.)

The Euro has stalled after trying to initiate a move higher against the Japanese Yen having found support above the 138.00 figure. The first layer of resistance comes in at 139.16, the 23.6% Fibonacci retracement, with a daily close above that clearing the way for a test of the 38.2% level at 139.79. The first layer of support is at 138.13, the May 21 low, followed by the 138.00 handle.

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

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

EUR/JPY Technical Analysis – Stalling Above 138.00 Figure

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