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: Range-Bound Below 138.00

EUR/JPY Technical Analysis: Range-Bound Below 138.00

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: 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.

DISCLOSURES