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EUR/JPY Technical Analysis: Opting to Pass on Short Trade

EUR/JPY Technical Analysis: Opting to Pass on Short Trade

2014-09-22 22:53:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 139.11, 138.46, 137.81
  • Resistance: 139.91, 140.41, 141.21

The Euro turned lower against Japanese Yen after briefly spiking to a four-month high above the 141.00 figure. Near-term support is now at 139.11, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 138.46. Alternatively, a reversal above the 23.6% Fib at 139.91 opens the door for a challenge of the 38.2% expansion at 139.79.

Maintaining a risk/reward ratio of at least 1:1 and a stop-loss activated on a daily close above 141.21 – the latest swing high – would imply a short entry price of no lower than 140.16 to target the 139.11. That is above near-term resistance, meaning the setup is not actionable. As such, we will stand aside.

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EUR/JPY Technical Analysis: Opting to Pass on Short Trade

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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