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EUR/JPY Technical Analysis: Channel Top Back in Focus

EUR/JPY Technical Analysis: Channel Top Back in Focus

2014-09-09 22:54:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 136.09, 134.91, 133.96
  • Resistance:138.02, 138.80, 139.75

The Euro launched a spirited recovery against the Japanese Yen, reclaiming a foot-hold above the 137.00 figure. Near-term resistance is at 138.02, the intersection of the August 1 high and a falling channel top, with a break above that on a daily closing basis exposing 38.2% Fibonacci retracement at 138.80. Alternatively, a reversal below the 136.09-22 area, marked by the February 4 low and the 23.6% Fib expansion, clears the way for a test of the 38.2% threshold at 134.91.

We entered short EURJPY at 137.12 and booked profit on half of the position. The remainder of the trade has been stopped out at the breakeven level. We will stand aside for now, looking for prices to generate another selling opportunity.

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EUR/JPY Technical Analysis: Channel Top Back in Focus

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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