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EUR/JPY Technical Analysis: Euro Slips to 1-Month Low

EUR/JPY Technical Analysis: Euro Slips to 1-Month Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 137.17, 136.22, 135.04
  • Resistance: 138.12, 139.30, 140.03

The Euro dipped to a one-month low against the Japanese Yen as sellers test the waters below the 137.00 figure. A daily close below the intersection of channel top resistance-turned-support and the 50% Fibonacci expansion at 137.17 exposes the 61.8% level at 136.22. Alternatively, a reversal above the 38.2% Fib at 138.12 opens the door for a challenge of the 23.6% expansion at 139.30.

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 Slips to 1-Month 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.

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