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EUR/JPY Technical Analysis: Passing on Long Trade Setup

EUR/JPY Technical Analysis: Passing on Long Trade Setup

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 147.76, 145.59, 143.40
  • Resistance: 149.11, 151.30, 153.07

The Euro edged higher, with prices posed to challenge November’s swing high against the Japanese Yen. A daily close above the 23.6% Fibonacci expansionat 149.11 exposes the 38.2% level at 151.30. Alternatively, a reversal below the 14.6% expansion at 147.74 opens the door for a challenge of the 23.6% Fib retracement at 145.59.

While a long position seems compelling, we will tactically opt to stand aside for now. The Yen is typically very sensitive to oscillations in risk sentiment, which may turn violent as the much-anticipated US Employment report is released. This could derail chart positioning and we prefer to wait out the results rather than commit to a directional bias at this point.

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EUR/JPY Technical Analysis: Passing on Long Trade Setup

Daily Chart - Created Using FXCM Marketscope

--- 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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