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EUR/JPY Technical Analysis: Digesting Breach of 139.00

EUR/JPY Technical Analysis: Digesting Breach of 139.00

2014-09-28 22:57:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 138.46, 137.81, 137.00
  • Resistance: 139.11, 139.91, 140.41

The Euro paused to digest losses after sliding below the 139.00 figure against the Japanese Yen once again. A daily close below the 50% Fibonacci retracement at 138.46 exposes the 61.8% level at 137.81. Alternatively, a reversal above the 38.2% Fib at 139.11 clears the way for a test of the 23.6% retracement at 139.91.

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

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/JPY Technical Analysis: Digesting Breach of 139.00

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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