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EUR/JPY Technical Analysis: Rebound Hinted Above 135.00

EUR/JPY Technical Analysis: Rebound Hinted Above 135.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 135.20, 134.37, 133.70
  • Resistance: 136.48, 137.39, 138.12

The Euro may be readying to turn higher against the Japanese Yen after forming a bullish Piercing Line candlestick pattern. Near-term resistance is at 136.48, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 137.39. Alternatively, a reversal below the 23.6% Fib expansion at 135.20 clears the way for a test of the 38.2% threshold at 134.37.

While entering long seems tempting, we will tactically not to pursue the trade absent confirmation of reversal on a break out of the down trend carved out from mid-September. In the meantime, we will remain flat.

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EUR/JPY Technical Analysis: Rebound Hinted Above 135.00

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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