News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
EUR/JPY Technical Analysis: Aggressive Selloff Continues

EUR/JPY Technical Analysis: Aggressive Selloff Continues

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 136.53, 136.22-30, 135.60
  • Resistance: 136.87, 137.43-65, 138.14

The Euro continues to accelerate downward against the Japanese Yen, dropping for a third consecutive day to hit the lowest level in over five months. A break below the 50% Fibonacci expansion at 136.87 has exposed a falling channel bottom set from early March, now at 136.53. A further push below that targets the 136.22-30 area, marked by the 61.8% Fib expansion and the February 4 low. Alternatively, a turn back above 136.87 opens the door for a challenge of the 137.43-65 area (38.2% Fib, June 12 low)

Risk/reward considerations argue against entering short with prices trading in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/JPY Technical Analysis: Aggressive Selloff Continues

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.