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EUR/JPY Technical Analysis: Range-Bound Below 138.00

EUR/JPY Technical Analysis: Range-Bound Below 138.00

2014-10-09 22:46:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 136.83, 136.15, 135.60
  • Resistance: 137.65, 138.33, 138.88

The Euro is jostling in a volatile range below the 138.00 figure against the Japanese Yen as prices await a clear directional catalyst. Near-term resistance is at 137.65, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 138.33. Alternatively, a turn below the 23.6% Fib expansion at 136.83 clears the way for a test of the 38.2% threshold at 136.15.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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

EUR/JPY Technical Analysis: Range-Bound Below 138.00

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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