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EUR/JPY Technical Analysis: Euro Moves to Six-Year High

EUR/JPY Technical Analysis: Euro Moves to Six-Year High

2014-11-18 23:01:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 145.93, 144.46, 143.55
  • Resistance: 147.12, 148.31, 149.78

The Euro advanced to a six-year high against the Japanese Yen but prices may be at risk of reversal as negative RSI divergence points to fading upside momentum. Near-term support is at 145.93, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 144.46. Alternatively, a push above the 50% Fib at 147.12 clears the way for a test of the 61.8% threshold at 148.31.

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: Euro Moves to Six-Year High

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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