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EUR/JPY Technical Analysis: Euro Sinks to 5-Month Low

EUR/JPY Technical Analysis: Euro Sinks to 5-Month Low

2014-07-16 22:02:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 137.43-65, 136.86, 136.58
  • Resistance: 138.13-35, 138.75, 139.27

The Euro is extending its downward push against the Japanese Yen, with prices sinking to the lowest level in over five months. Sellers are testing support in the 137.43-65 area, marked by the 38.2% Fibonacci expansion and the June 12 low. A break below that on a daily closing basis exposes the 50% level at 136.86. This barrier is reinforced by a falling channel bottom at 136.58. Alternatively, a turn back above the 138.13-35 zone, bracketed by rising trend line support-turned-resistance and the 23.6% Fib, clears the way for a test of the July 9 high at 139.75.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat for now.

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EUR/JPY Technical Analysis: Euro Sinks to 5-Month Low

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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