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EUR/JPY Technical Analysis: Downturn Risk Seen Ahead

EUR/JPY Technical Analysis: Downturn Risk Seen Ahead

2014-11-17 03:30:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 144.46, 143.55, 142.08
  • Resistance: 145.93, 147.12, 148.31

The Euro may be vulnerable to a turn lower against the Japanese Yen as negative RSI divergence points to fading upside momentum. Near-term support is at 144.46, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 14.6% level at 143.55. Alternatively, a reversal above the 38.2% Fib at 145.93 clears the way for a test of the 50% threshold at 147.12.

The mere presence of RSI divergence is insufficient to identify reversal without added confirmation. As such, we will continue to stand aside for now and wait for a more compelling setup to present itself before committing to a position.

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EUR/JPY Technical Analysis: Downturn Risk Seen Ahead

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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