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EUR/JPY Technical Analysis: Resistance Seen Below 143.00

EUR/JPY Technical Analysis: Resistance Seen Below 143.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 141.21, 139.54, 138.51
  • Resistance: 142.88, 143.92, 144.75

The Euro continued to advance against the Japanese Yen after last week’s BOJ stimulus expansion, tagging an eight-month high. A daily close above the 123.6% Fibonacci expansion at 142.88 exposes the 138.2% level at 143.92. Alternatively, a turn below resistance-turned-support at 141.21, the September 19 high, opens the door for a challenge of the 76.4% Fib retracement at 139.54.

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 that 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: Resistance Seen Below 143.00

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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