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EUR/JPY Technical Analysis: June Low Holds as Support

EUR/JPY Technical Analysis: June Low Holds as Support

2014-07-14 22:05:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 137.65-83, 136.93, 136.63
  • Resistance: 138.29, 138.75, 139.27

The Euro turned lower anew against the Japanese Yen, dropping below support guiding the upswing from the mid-June swing bottom. Initial support is in the 137.65-83 area, marked by the 23.6% Fibonacci expansion and the June 12 low. A break below that on a daily closing basis exposes the 38.2% level at 136.93. This barrier is reinforced by a falling channel bottom at 136.63. Alternatively, a turn back above the trend line – now recast as resistance at 138.29 – opens the door for a move to the July 9 high at 138.75.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on the long or short side from a risk/reward perspective. We will remain on the sidelines for now, waiting for a more attractive opportunity to emerge.

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EUR/JPY Technical Analysis: June Low Holds as Support

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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