News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/JPY Technical Analysis: Euro Dips to 3-Week Low

EUR/JPY Technical Analysis: Euro Dips to 3-Week Low

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 138.12, 137.17, 136.22
  • Resistance: 139.30, 140.03, 141.21

The Euro resumed its descent against the Japanese Yen, with prices touching the weakest level in three weeks. A daily close below the 38.2% Fibonacci expansion at 138.12 exposes the 137.17-43 area marked by a formerly broken channel top and the 50% level. Alternatively, a reversal above the 23.6% Fib at 139.30 clears the way for a test of the 14.6% expansion at 140.03.

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: Euro Dips to 3-Week Low

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.

DISCLOSURES