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EUR/JPY Technical Analysis: Trying to Grind Below 136.00

EUR/JPY Technical Analysis: Trying to Grind Below 136.00

2014-09-08 03:42:00
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, 138.80, 139.75

The Euro sank against the Japanese Yen as expected, with prices setting a new year-to-date low beneath the 136.00 figure. Near-term support remains in the 136.09-22 area, marked by the February 4 low and the 23.6% Fibonacci expansion. A break below that on a daily closing basis exposes the intersection of a falling channel floor and the 38.2% level at 134.91. Alternatively, a turn above 138.02 (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 and have since booked profit on half of the position. The rest remains open to capture any further downside momentum with a stop-loss at the breakeven level (137.12).

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EUR/JPY Technical Analysis: Trying to Grind Below 136.00

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.

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