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EUR/JPY Technical Analysis: Selloff Stalls at Channel Floor

EUR/JPY Technical Analysis: Selloff Stalls at Channel Floor

2014-07-23 23:53:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 136.36, 136.22-23, 135.97
  • Resistance: 136.65, 137.08, 137.34

The Euro is testing trend support against the Japanese Yen after dropping to the lowest level in nearly six months. A daily close below support at 136.36, the bottom of a falling channel set from mid-March, exposes the 136.22-23 area marked by the February 4 low and the 123.6% level. Alternatively, a reversal above the 100% Fib at 136.65 opens the door for a challenge of the 76.4% Fib at 137.08.

Prices are wedged too closely between near-term support and resistance levels to justify entering a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for now, waiting for an actionable opportunity to present itself.

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EUR/JPY Technical Analysis: Selloff Stalls at 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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