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EUR/JPY Technical Analysis: Aiming Above 151.00 Figure

EUR/JPY Technical Analysis: Aiming Above 151.00 Figure

2014-12-08 02:54:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 149.11, 147.76, 145.59
  • Resistance: 151.30, 153.07, 154.84

The Euro looks poised to continue higher against Japanese Yen, with buyers now aiming to extend above the 151.00 figure. Near-term resistance is at 151.30, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 153.07. Alternatively, a turn below the 23.6% Fib at 149.11 clears the way for a test of the 14.6% expansion at 147.76.

Entering long looks compelling from a purely technical perspective but we will tactically opt to pass on the trade. We are concerned that year-end capital flows may fuel a Yen recovery. With that in mind, we will remain on the sidelines for the time being.

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EUR/JPY Technical Analysis: Aiming Above 151.00 Figure

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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