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EUR/JPY Technical Analysis: Euro Drops Most in 17 Months

EUR/JPY Technical Analysis: Euro Drops Most in 17 Months

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 145.59, 143.40, 141.63
  • Resistance: 146.94, 149.13, 150.57

The Euro moved lower against the Japanese Yen as expected after prices produced a Shooting Star candlestick, dropping the most in 17 months. A daily close below the 23.6% Fibonacci retracement at 145.59 exposes the 38.2% level at 143.40. Alternatively, a reversal above the 14.6% Fib at 146.94 opens the door for a challenge of the November 20 high at 149.13.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind we will remain flat for now.

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EUR/JPY Technical Analysis: Euro Drops Most in 17 Months

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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