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EUR/JPY Technical Analysis: Still Holding Short Position

EUR/JPY Technical Analysis: Still Holding Short Position

2014-09-03 23:19:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/JPY Technical Strategy: Short at 137.12
  • Support: 136.09-22, 134.91, 133.96
  • Resistance:138.02-05, 138.80, 139.75

The Euro may be readying to turn lower against the Japanese Yen anew after putting in a Shooting Star candlestick near the 138.00 figure. Near-term support is in the 36.09-22 area, marked by the February 4 low and the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the intersection of a falling channel floor and the 38.2% level at 134.91. Alternatively, a move above resistance in the 138.02-05 zone (August 1 high, channel top) clears the way for a test of the 38.2% Fibonacci retracement at 138.80.

We sold 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 being stopped out yesterday and will remain in the position, looking for downward resumption ahead.

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EUR/JPY Technical Analysis: Still Holding Short Position

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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