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EUR/JPY Technical Analysis – Euro Slips Below 139.00 Mark

EUR/JPY Technical Analysis – Euro Slips Below 139.00 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 138.36 (38.2% Fib exp.), 137.83 (50% Fib exp., channel floor)
  • Resistance: 139.02 (23.6% Fib exp.), 139.42 (14.6% Fib exp.)

The Euro continued to push lower against the Japanese Yen after finding resistance near the 140.00 figure. Sellers are poised to test the 38.2% Fibonacci expansion at 138.36, with a daily close below that exposing the 50% level at 137.83. This barrier is reinforced by the bottom of a falling channel set from early March. Near-term resistance is at 139.02, the 23.6% Fib, with a turn above that eyeing the 14.6% expansion at 139.42.

Risk/reward considerations argue against entering short with prices sitting squarely at support. On the other hand, taking up the long side seems premature absent a defined bullish reversal signal. We will remain flat for now.

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EUR/JPY Technical Analysis – Euro Slips Below 139.00 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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