EUR/JPY Technical Analysis: Rally Stumbles on Test of 149.00
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- EUR/JPY Technical Strategy: Flat
- Support: 147.12, 145.93, 144.46
- Resistance: 148.31, 149.78, 152.16
The Euro may be carving out a top against the Japanese Yen after prices put in a Shooting Star candlestick having touched a six-year high. Near-term resistance is at 148.31, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 76.4% level at 149.78. Alternatively, a turn below the 50% Fib at 147.12 clears the way for a test of the 38.2% expansion at 145.93.
A Shooting Star candle is indicative of indecision and does not make for an actionable short trade signal by itself without added confirmation. With that in mind, we will continue to stand aside for now until a more compelling trade setup presents itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com