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EUR/JPY Technical Analysis: Testing Above 137.00 Anew

EUR/JPY Technical Analysis: Testing Above 137.00 Anew

2014-07-21 22:50:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 136.65, 136.22-23, 135.97
  • Resistance: 137.08, 137.34, 137.55

The Euro is attempting to mount a cautious recovery having found interim support against the British Pound below the 137.00 figure. A daily close above resistance at 137.08, the 76.4% Fibonacci expansion, initially exposes the 61.8% level at 137.34. Alternatively, a move through support at 136.65 – marked by the 100% Fib and a falling channel floor in play since late May – exposes the 136.22-23 zone bracketed by the 123.6% expansion and the February 4 low.

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

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EUR/JPY Technical Analysis: Testing Above 137.00 Anew

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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