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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/JPY Technical Analysis: Upswing Hinted Below 137.00

EUR/JPY Technical Analysis: Upswing Hinted Below 137.00

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: 136.30, 135.60, 134.46
  • Resistance: 137.25, 137.80, 138.69

The Euro may be gearing up for a rebound against the Japanese Yen after prices produced a bullish Morning Star candlestick pattern. A daily close above resistance at 137.25, the 14.6% Fibonacci retracement, initially exposes the 23.6% level at 137.80. Alternatively, a turn below the intersection of a falling channel floor and the 61.8% Fib expansion at 136.30 clears the way for a challenge of the 76.4% threshold at 135.60.

We are tactically opting not to pursue a long position, choosing not be long the Euro considering the ECB is shaping up to be the most dovish of the major central banks over the coming months. Rather, we will continue to monitor the upswing for opportunities to enter short.

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

EUR/JPY Technical Analysis: Upswing Hinted Below 137.00

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.

DISCLOSURES