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EUR/JPY Technical Analysis: Euro Advances for Fifth Day

EUR/JPY Technical Analysis: Euro Advances for Fifth Day

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 142.88, 141.21, 139.54
  • Resistance: 143.92, 144.75, 145.59

The Euro rose for a fifth consecutive day against the Japanese Yen as the rally following last week’s unexpected BOJ stimulus expansion continues. A daily close above the 138.2% Fibonacci expansionat 143.92 exposes the 150% level at 144.75. Alternatively, a turn below the 123.6% Fib at 142.88 opens the door for a challenge of resistance-turned-support at 141.21, the September 19 high.

The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain on the sidelines for now until a more attractive opportunity presents itself.

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

EUR/JPY Technical Analysis: Euro Advances for Fifth Day

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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