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EUR/JPY Technical Analysis: Channel Resistance in Focus

EUR/JPY Technical Analysis: Channel Resistance in Focus

2014-10-16 22:53:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 135.80, 135.16, 134.13
  • Resistance: 136.06, 136.84, 137.67

The Euro may be carving out a bottom against the Japanese Yen after putting in a bullish Piercing Line candlestick pattern. A daily close above falling channel top resistance at 136.06 exposes the 38.2% Fibonacci retracement at 136.84. Alternatively, a turn below the 23.6% level at 135.80 opens the door for a challenge of the 14.6% Fib at 135.16.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short 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: Channel Resistance in Focus

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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