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EUR/JPY Technical Analysis: Eyeing 4-Month Channel Floor

EUR/JPY Technical Analysis: Eyeing 4-Month Channel Floor

2014-07-22 20:27:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 136.65, 136.44, 136.22-23
  • Resistance: 137.08, 137.34, 137.55

The Euro has renewed its push downward against the Japanese Yen, with prices dropping to the lowest level in nearly six months. A daily close below support at 136.65, the 100% Fibonacci expansion, clears the way for a test of falling channel support set from mid-March (now at ). Alternatively, a reversal above the 76.4% level at 137.08 opens the door for a challenge of the 61.8% Fib at 137.34.

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.

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EUR/JPY Technical Analysis: Eyeing 4-Month 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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