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EUR/JPY Technical Analysis: Pullback Meets Channel Floor

EUR/JPY Technical Analysis: Pullback Meets Channel Floor

2014-07-08 21:51:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 138.18, 137.91, 137.65
  • Resistance: 139.10, 139.29, 140.00

The Euro is edging higher as expected against the Japanese Yen after putting in a Bullish Engulfing candlestick pattern. Near-term resistance is now at 139.10, the 23.6% Fibonacci retracement. A daily close above this barrier targets the top of a rising channel set from mid-June, now at 139.29. Alternatively, a drop through channel support – now at 138.18 – targets swing lows in the 137.65-91 area.

The ECB looks to be the most dovish of the leading central banks, putting the Euro at a disadvantage against its major counterparts. With that in mind, we will opt not to pursue a long position and wait for the bounce to produce a selling opportunity.

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EUR/JPY Technical Analysis: Pullback Meets Channel Floor

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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