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EUR/JPY Technical Analysis: Holding Euro Short for Now

EUR/JPY Technical Analysis: Holding Euro Short for Now

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Short at 143.02
  • Support: 141.83, 140.36, 139.17
  • Resistance: 144.46, 145.93, 147.12

The Euro is trying to overturn a bearish reversal chart setup against the Japanese Yen marked by a Dark Cloud Cover candle pattern formed last week. A daily close above resistance in the 144.21-46 area marked by the November 6 high and the 23.6% Fibonacci expansion exposes the 38.2% level at 145.93. Alternatively, a turn below the 23.6% Fib retracement at 141.83 opens the door for a challenge of the 38.2% threshold at 140.36.

We entered short EURJPY at 143.02, initially targeting 141.83. A stop-loss will be triggered on a daily close above 144.21. We will take profit on half of the position and move the stop- breakeven (143.02) once the first objective is reached.

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EUR/JPY Technical Analysis: Holding Euro Short for Now

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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