EUR/JPY Technical Analysis: Marking Time Below 148.00
To receive Ilya's analysis directly via email, please SIGN UP HERE
- EUR/JPY Technical Strategy: Flat
- Support: 145.59, 143.40, 141.63
- Resistance: 147.76, 149.11, 151.30
The Euro has transitioned into digestion mode having declined as expected against the Japanese Yen following the appearance of a Shooting Star candlestick. A daily close above the 14.6% Fibonacci expansionat 147.76 exposes the 23.6% level at 149.11. Alternatively, a reversal below the 23.6% Fib retracement at 145.59 opens the door for a challenge of the 38.2% threshold at 143.40.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind we will remain flat for now.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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.