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EUR/JPY Technical Analysis – Candle Setup Hints at Gains

EUR/JPY Technical Analysis – Candle Setup Hints at Gains

2014-06-17 21:11:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 137.45 (channel floor), 136.22 (Feb 4 low)
  • Resistance: 138.55 (14.6% Fib ret.), 139.10 (23.6% Fib ret.)

The Euro may be readying to turn higher against the Japanese Yen after prices put in a Bullish Engulfing candlestick pattern. Positive RSI divergence bolsters the case for the upside scenario. Initial resistance is at 138.55, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 139.10. Falling channel floor support comes in at 137.45. A turn below that clears a path to test the February 4 low at 136.22

While tempting, we will tactically opt not to pursue a long position. The ECB stands out among the major central banks as moving further to the dovish side of the monetary policy spectrum, putting the Euro at an inherent disadvantage.

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EUR/JPY Technical Analysis – Candle Setup Hints at Gains

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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