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EUR/JPY Technical Analysis: Six-Month Down Trend Broken

EUR/JPY Technical Analysis: Six-Month Down Trend Broken

2014-09-12 04:39:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 138.02, 136.38, 135.70
  • Resistance: 138.79, 139.74, 140.69

The Euro has seemingly overturned a six-month down trend against the Japanese Yen after clearing a key channel top. Near-term resistance is now at 138.79, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 139.74. Alternatively, a turn below the intersection of the former range and channel top resistance at 138.02 clears the way for a test of a horizontal pivot at 136.38.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. With that in mind we will remain flat for now.

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EUR/JPY Technical Analysis: Six-Month Down Trend Broken

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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