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EUR/JPY Technical Analysis: Testing Make-or-Break Resistance

EUR/JPY Technical Analysis: Testing Make-or-Break Resistance

2014-09-11 04:01:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 136.38, 135.70, 134.85
  • Resistance:138.02, 138.79, 139.74

The Euro advanced for a third consecutive day against the Japanese Yen to challenge a pivotal chart resistance point. A daily close above the intersection of the August 1 high and a falling channel top at 138.02 exposes the 38.2% Fibonacci retracement at 138.79. Alternatively, a reversal below horizontal pivot support at 136.38 opens the door for a challenge of the September 8 low at 135.70.

Risk/reward considerations argue against entering long with prices sitting at resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now.

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EUR/JPY Technical Analysis: Testing Make-or-Break Resistance

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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