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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
EUR/JPY Technical Analysis: Short Trade Survives for Now

EUR/JPY Technical Analysis: Short Trade Survives for Now

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/JPY Technical Strategy: Short at 137.12
  • Support: 136.09-22, 134.91, 133.96
  • Resistance:138.02-13, 138.80, 139.75

The Euro launched aggressively higher against the Japanese Yen, producing the largest daily upswing in six months. A daily close above the intersection of a falling channel top and the August 1 high in the 138.02-13 area exposes the 38.2% Fibonacci retracement at 138.80. Alternatively, a move below support in the 136.09-22 zone marked by the February 4 low and the 23.6% Fib expansion opens the door for a challenge of 134.91, the meeting place of the channel floor and the 38.2% threshold.

We entered short EURJPY at 137.12, initially targeting 136.22 with a stop-loss to be activated on a daily close above 138.02. The trade narrowly survived today, leaving the channel top and the Bearish Engulfing candlestick pattern that triggered the position intact. With that in mind, we will remain in the trade for now.

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

EUR/JPY Technical Analysis: Short Trade Survives for Now

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.