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EUR/JPY Technical Analysis: Bounce to Yield Short Setup

EUR/JPY Technical Analysis: Bounce to Yield Short Setup

2014-08-17 23:43:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 136.22-27, 135.67, 135.18
  • Resistance:137.62, 138.80, 139.75

The Euro is trying to build higher against the Japanese Yen as expected after positive RSI divergence was spotted on a test of February’s swing bottom. A daily close above the 23.6% Fibonacci retracement at 137.62 exposes the intersection of the 38.2% level and a falling channel top at 138.80. Alternatively, a turn below support in the 136.22-27 area, marked by the February 4 low and the 23.6% Fib expansion, opens the door for a challenge of the channel floor at 135.72.

The ECB looks to be the most dovish of the leading central banks, putting the Euro at a disadvantage against its major counterparts. With that in mind, we will opt not to pursue a long position and wait for the bounce to produce a selling opportunity.

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EUR/JPY Technical Analysis: Bounce to Yield Short Setup

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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